How Congress Might Pass Laws Bad for Proof-of-Stake and DeFi

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