Crypto lobby groups say they’re fighting ‘unworkable’ crypto reporting language in infrastructure bill

By Michael McSweeney. July 29, 2021. (The Block Crypto).

Crypto-related language said to be contained in a still-in-flux bipartisan infrastructure spending bill has spurred activity lobby groups in Washington, D.C. 

On Thursday, the Blockchain Association derided the proposed spending package as one that “threatens crypto innovation.” As previously reported, one of the bills “pay-fors” is tightened tax reporting requirements for crypto companies, which are estimated to raise some $28 billion to be used to fund infrastructure projects over a period of years.

But the controversy centers around which types of crypto companies would be considered “brokers” under the proposed changes, based on drafted language obtained this week by CoinDesk’s Nik De. The prevailing concern is that miners, decentralized finance startups and others not involved in the actual brokerage of digital assets will be hit with overly heightened compliance burdens. According to a fact sheet reviewed by The Block, the language “[updates] the definition of broker to reflect the realities of how digital assets are acquired and traded.”

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With Washington recommitted to innovation, cryptocurrencies need a congressional fix

By Former Rep. George Nethercutt. June 20, 2021. (The Hill).

Congress just achieved a rare bipartisan feat in passing the “Endless Frontier Act” through the Senate. This bold legislative package recommits the U.S. to technological innovation and global leadership in the race against Chinese domination. At the very least, Republicans and Democrats understand that the U.S. must do more to win this fight. However, unless the Biden administration and Congress change their current attention deficit on cryptocurrencies, America’s efforts may be in vain.

Beneath the headlines and outside of the halls of Congress, federal bureaucrats are actively circumventing Congress and using the courts to regulate the U.S. cryptocurrency industry. The total lack of regulatory clarity in the Securities Act is the main culprit and consensus is building. This is especially evident to observers of the Securities and Exchange Commission’s (SEC) December 2020 lawsuit against San Francisco-based enterprise software company Ripple over its distribution of the cryptocurrency XRP.

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“Cryptocurrencies can help solve economic injustice. Democrats shouldn’t fear them”

By Sheila Warren and Michael Casey. May 28, 2021. (Roll Call).

When Joe Biden won the presidential election, he pledged immediately to begin working on behalf of the voiceless and the underserved: by rebuilding the middle class, heeding science to end the global pandemic and creating lasting recovery that delivers racial and social justice.

Now, with Biden in office and key appointments filled, Democrats have a chance to fulfill those promises. Cryptocurrencies and the revolutionary technology powering them present an unprecedented opportunity to help do so. 

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NOTE: Sheila Warren is the deputy head of the World Economic Forum’s Centre for the Fourth Industrial Revolution and a member of the forum’s Executive Committee. Michael J. Casey is the chief content officer for CoinDesk, a cryptocurrency news site, and a former columnist for The Wall Street Journal. Warren and Casey co-host CoinDesk’s Money Reimagined podcast.