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More people than we think are involved in the crypto world. It is a way for our younger generation who understands the tech behind blockchain to perhaps improve their way of life. It’s a way for our industries to be more transparent, competitive and efficient.
Unfortunately, the infrastructure bill is being used as a vehicle to possibly limit the development and involvement of U.S. citizens in this growing new technology. While I certainly agree with KYC – Know Your Customer rules, and believe that all citizens should comply with our tax laws, the amendments to the bill are in part designed to kill this nascent industry which would put us behind in the U.S.
I’ve always hated how things like this are tacked onto other larger bills. With little discussion by anyone because it is added so quickly and often at the end — which is exactly what is being done here. Why not have a separate blockchain/crypto bill introduced and discussed in an open forum as to what is best for the U.S. and its citizens? But I digress.
Here’s the important part: There are two competing amendments that will be voted on tomorrow (Saturday).
Senators Wyden, Toomey, and Lummis have introduced an amendment that would fix the language and clarify that the expansion of the definition of a “broker” doesn’t apply to open source software developers or validators like miners and stakers. These parties don’t even have a method by which they could gather the info. This amendment would ensure that blockchain development and staking can continue to exist in the U.S. When sales are made on exchanges – this would require KYC which is easy for compliance. Vote YES for the Wyden-Lummin-Toomey amendment.
On the other hand, vote NO on another proposal by Warner-Portman-Sinema that would be a disaster for the technology. This amendment unreasonably and unfairly broadens the definition of who is a broker even more than the original bill and will lead to expensive litigation – most of which is not something that someone in a software development, staking or mining role would undertake. They would simply move overseas.
Your help is needed! Email and call your Senators how you would like for them to vote for this technology. The U.S. Capitol’s switchboard can connect you with your senator’s office – all you need is to call 1-202-224-3121 and tell them your address.
For Florida:
Marco Rubio 202-224-3041 or https://www.rubio.senate.gov/public/index.cfm/contact. It took 30 seconds to fill out a short form. Select infrastructure as the topic.
Rick Scott 202-224-5274 – website under construction so phone is best. You can leave a message – I just did and it took 15 seconds tops.
Thank you and have a great weekend!