Congress Goes Crypto

Congress Goes Crypto

The United States Senate is trying to pass an infrastructure bill. Well, trying might not be accurate. It looks like they’re going to pull it off. The news says it has bipartisan support.

This thing costs a lot of money. And, of course, it doesn’t deal only with infrastructure.

The bill has a provision about cryptocurrency and how it should be regulated moving forward. It’s worth repeating: a bill about improving roads and bridges will also change how cryptocurrency is regulated.

Ted Cruz sent out a tweet:

Cruz is an interesting politician. He’s got a beard, Trump said his father may have assassinated JFK, and it appears he’s right about this cryptocurrency provision. Cruz also tweeted he doesn’t believe there are five senators who know anything about cryptocurrency.

There’s probably not one.

Some of the biggest names in tech are speaking out. Elon Musk, who may be crypto’s biggest advocate, called the legislation “hasty.” Twitter CEO Jack Dorsey said some things about it too. Dorsey spends a week every year getting eaten by mosquitos.

One of the largest and most prominent venture firms in Silicon Valley, Andreessen Horowitz, had this to say about the legislation:

“If the last-minute amendment to the infrastructure bill introduced by Senator Warner passes, it will be a stunning loss for America and our ability to remain the innovation epicenter of the world.”

The best piece I’ve read about this so far comes from Abraham Sutherland. He writes, “In a broad range of situations, the proposal would require Americans to collect and report to the government the social security number of persons from whom they receive digital forms of monetary value -- along with that payer’s name, birthdate, address, profession, and reason for the transaction. It does this by adopting wholesale the reporting regime that applies to the in-person receipt of large amounts of physical currency.”

The full piece is worth a read.

CEO.com has reached out to the offices of Senator Wyden, Senator Cruz, Senator Portman, and Senator Warner to give us their view of things from the political side. I’d also like to get Abraham on our show. I’ll keep you updated.


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