| I thought the Wyden-Lummis-Toomey amendment was well thought out [1] and I called my senators to support that. The newly proposed amendment from Warner-Portman-Sinema [2] could cause a few issues that I see: 1) Limiting the Lightning Network for Bitcoin, which enables off chain, instant, low fee payments (I think that Bitcoin itself would be fine considering that it is proof of work). 2) Limiting DeFi protocols. 3) Limiting proof of stake coins. My guess is that Senators Warner, Portman, or Sinema couldn't describe the difference between proof of work and proof of stake if asked. However, they have only called out proof of work in their newly proposed amendment. I think both miners in proof of work and stakers / validators in proof of stake are worth protecting given that both consensus mechanisms have pros / cons. One benefit of proof of stake is that it uses a lot less energy, which seems like a big oversight to not include in their amendment. Asking miners or stakers / validators to KYC and provide 1099s for transactions they are processing is not even possible right now. If the senators understood the technology in more detail then they would understand that this is unenforceable. I understand the narrative that crypto is being included in this infrastructure bill to try to help pay for it. OK, sure. I also think that folks should pay their crypto taxes. However, I'm not really OK with senators who don't understand the tech in depth to make laws about it. I also do think that this could drive crypto innovation outside of the US, moving jobs elsewhere. I think the US has an opportunity to be a crypto hub just like they are the predominant player in the equity markets. I believe we should foster crypto innovation in the US, not stifle it. This video from Charles Hoskinson [3], co-founder of Ethereum (which is moving to proof of stake from proof of work) and the founder of Cardano (which currently utilizes proof of stake), has some commentary on this as well. [1] https://www.finance.senate.gov/imo/media/doc/Wyden%20Lummis%... [2] https://twitter.com/jerrybrito/status/1423429377459736577 [3] https://www.youtube.com/watch?v=JEF8dwF36qY |