Unconfirmed: How Congress Might Pass Laws Bad for Proof-of-Stake and DeFi - Ep.261

Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights:
how the original crypto provision within the infrastructure bill came to be why the expansion of the term “broker” is problematic in the original language of the bill what the Treasury and the White House have to do with this bill and how they, along with Senator Portman, are resisting change how Senators Ron Wyden, Pat Toomey, and Cynthia Lummis are attempting to change the language of the provision through an amendment how the crypto community rallied around Wyden's amendment  why Kristin believes a rival amendment put forward by Senators Warner and Portman and supported by the White House late Thursday is worse than the bill’s original language  when the Senate will be voting on the amendments how the amendment the White House supports seems harmful to proof-of-stake networks and bad for DeFi whether this is part of a master plan to regulate crypto in the US what Kristin hopes happens during the vote how the crypto community can have its voice heard how to fix the issues within the crypto policy world so this doesn’t happen again
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Episode Links
Kristin Smith: https://twitter.com/KMSmithDC
Blockchain Association: https://theblockchainassociation.org/

Infrastructure Bill Information
Latest Coverage:
https://decrypt.co/77838/rival-amendment-senate-infrastructure-bill-threatens-proof-stake https://decrypt.co/77859/crypto-industry-mobilizes-to-stop-controversial-tax-plan https://decrypt.co/77841/biden-crypto-infrastructure-bill-amendments https://www.eff.org/deeplinks/2021/08/16-civil-society-organizations-call-congress-fix-cryptocurrency-provision  https://decrypt.co/77681/senators-move-exempt-bitcoin-miners-tax-provision-infrastructure-bill https://www.forbes.com/sites/jonathanponciano/2021/08/04/senators-propose-change-to-new-crypto-rules-for-tax-reporting-heres-whos-affected/ https://twitter.com/BlockchainAssn/status/1422976741715361792 https://twitter.com/jerrybrito/status/1422002228102107142 https://www.theblockcrypto.com/linked/113196/wyden-crypto-language-in-infrastructure-bill-fails-to-understand-how-the-technology-works https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-taxes https://twitter.com/jchervinsky/status/1421150344051048451 https://twitter.com/NeerajKA/status/1421242689148932105 https://www.cnn.com/2021/08/01/politics/bipartisan-infrastructure-bill-collins-manchin-senate-cnntv/index.html https://www.coindesk.com/gop-lawmaker-janet-yellens-treasury-likely-behind-surprise-crypto-bill