Unchained

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

08.06.2021 - By Laura ShinPlay

Download our free app to listen on your phone

Download on the App StoreGet it on Google Play

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

 

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 

 

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 

Learn more about your ad choices. Visit megaphone.fm/adchoices

More episodes from Unchained