First, the Brief:

• Bank of America’s research highlights the pros of El Salvador's bitcoin law
• Federal Reserve Governor Lael Brainard discusses the need for a U.S. CBDC
• Bank of China intends to continue significant pressure on crypto
• No sign of a slowdown in U.S. bitcoin mining industry
• Kentucky as the fifth state to stop BlockFi
• Lastly, a record week for NFTs and the emergence of a new institutional narrative

Our main discussion centers on the ongoing battle surrounding a crypto provision within the highly debated infrastructure bill. The original language of the draft targeted crypto intermediaries, from hardware wallet manufacturers to miners, mandating that they report transactions made through their services. Doing so would be virtually impossible and hinder the U.S. crypto industry. 

In response, the community rallied for an updated bill with more forgiving standards. Crypto allies, from industry heavy hitters like Coin Center’s Jerry Brito to Sen. Ron Wyden of Oregon, expressed their discontent with the original language of the draft. With an amendment process underway, will these statements be enough to make a significant change?

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: XXX/iStock/Getty Images, modified by CoinDesk.