The new crypto infrastructure bill going in front of the House has been at the forefront of discussions in the crypto market lately. Regulation continues to be an important topic in the market. As country after country tries to put out regulation in favor of or against crypto. This has so far led to some interesting developments in regards to crypto regulation. Some countries are openly against cryptocurrencies, in the case of India. While others have openly embraced them, like El Salvador.
The U.S. is now next in line, it seems, to have regulations mapped out for crypto. An infrastructure bill was proposed to the House to this end. A bill which Brian Armstrong, Coinbase’s CEO, ended up making a Twitter thread, calling it a “disastrous” bill. The bill has not been popular amongst crypto investors.
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U.S. Senator Mike Warner recently proposed an amendment to this bill. An amendment that would see the House deciding which technologies were okay to be in the market. And also which technologies were not.
Coinbase CEO Reacts To Crypto Bill Amendment
Coinbase CEO, Brian Armstrong, took to Twitter to combat this amendment. The CEO explained how this would be detrimental to the whole of the cryptocurrency industry. Calling the bill a violation f the rights of Americans.
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Armstrong also pointed out how this amendment discriminates against proof of stake miners. Giving proof of stake validators conditions that would be hard to comply with. Explaining that this would give the Senate the power to decide which cryptos could stay. The relatively young crypto industry would be dealt a huge blow if an amendment like this were to pass into the bill.
3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today.
— Brian Armstrong (@brian_armstrong) August 6, 2021
Total crypto market cap inches closer to $2 trillion | Source: Crypto Total Market Cap from TradingView.com
The CEO ended the thread with calls for constituents to call their senators. In order to urge them to vote for the Wyden-Lummis-Toomey amendment. Instead of voting for the Warner-Portman emendation. In an effort to “keep crypto alive and thriving.”
Regulations Should Not Be Hasty Decisions
Elon Musk replied to Brian Armstrong’s Twitter thread. Agreeing with what the CEO had to say about the regulation. According to Musk, there was no reason for a regulation to be made hastily. Regardless of whether there was a crisis or not.
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Musk also pointed out that there would be no winners or losers if this amendment passed into the bill. The whole of the market would be affected no matter what side of the fence they were on.
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
— Elon Musk (@elonmusk) August 6, 2021
Picking and choosing which technologies should be allowed would never end well. As senators could swing to the side that favors them personally. With new technologies popping out of the industry every day, there is no telling how this amendment would affect these new technologies. Hence the calls for the decisions for the infrastructure bill to not be made in a haste.
Featured image from USNews, chart from TradingView.com
