BREAKDOWN: The Senate Meets the Cyber-Hornets – The Nascent Crypto Lobby Is Actually Effective

Policymakers are forced to listen as backlash to the infrastructure bill continues.

This episode is sponsored by NYDIG.

The infrastructure bill’s crypto provision had the industry scrambling to lobby for change. On this episode of “The Breakdown,” NLW covers the continuing saga of the bill, including:

  • A recap on the bill’s crypto provision and subsequent backlash
  • Crypto industry’s resistance going mainstream
  • Regulatory battles to come

A last-minute addition to the infrastructure bill met with fierce resistance from figures across the crypto sector, from industry executives to crypto-friendly lawmakers. These statements called out the destructive nature of the bill as it would require non-broker crypto intermediaries to comply with strict IRS reporting standards, a nearly impossible task.

The extensive lobbying has not gone unnoticed. Mainstream media picked up the story as more and more statements called out the potential dangers of the bill. Policymakers are now forced to face the angry cyber-hornets headed their way.

The infrastructure bill battle is the first of many regulatory clashes to come. For example, debate is currently raging on crypto Twitter about the implications of SEC Chairman Gary Gensler’s speech on crypto today. Will the crypto industry tackle future regulatory collisions with a similar ferocity?

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: iLexx/iStock/Getty Images, modified by CoinDesk.