BREAKDOWN: Bitcoin Rallies Defiantly as Senate Infrastructure Battle Hits a Snag

Crypto proves to be a formidable opponent as debate in the Senate continues.

This episode is sponsored by NYDIG.

Contention over the crypto provision in the infrastructure bill continues. Today on “The Breakdown,” NLW brings the latest, including:

  • Consensus mechanism confusion
  • A weekend stalemate 
  • The emergent power of the crypto industry

The amendment proposed by Sen. Rob Portman included an odd preference for proof-of-work over any other consensus mechanism. After significant pushback from the crypto community on this specific detail, the amendment was changed to cover all consensus mechanisms. But in a head-scratching turn of events, the amendment was updated once more to include proof-of-work and proof-of-stake, but no other mechanisms.

Sunday came with its own set of blockers, including a conflict around prioritization of the crypto provision versus other legislation that needs attention. Though the weekend brought little resolution, the debate continues and there is still time for a positive resolution. Will policymakers come to an agreement on one of the proposed amendments in time?

NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Overearth/iStock/Getty Images Plus, modified by CoinDesk.

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