Attention crypto holders certain members of the united states congress are attempting to cancel crypto at least crypto innovation. Over 15 000 people have already called their local senators. In today’s video. I am going to call my local senator live on air with you. We are now connecting you to the dc office of senator dianne feinstein.
If you have no clue what i’m talking about, i highly encourage to one check the timestamps down below in the video description, i’m going to give us an overview on what exactly is happening and then, like i said, call my senator with you all right. Welcome back everybody to altcoin daily, my name’s austin. This is an emergency. If you hold cryptocurrency in the united states, you may have heard there is an infrastructure bill that could sink the american crypto industry. You see in this infrastructure bill which was originally about building roads and bridges and infrastructure.
The government aims to partially cover the cost of a massive infrastructure bill by taxing crypto companies, and the entire industry will feel it and taxing crypto companies. Some crypto companies on surface level is not bad. The issue is on how this bill is worded. The trouble is that the bill defines broker a term normally used to describe the likes of coinbase and robin hood. They define it as basically any business that touches crypto.
This definition is so broad it could apply to nearly every economic actor in the u.s crypto industry. If read literally, the catch, all broker term could apply to u.s miners, usd5 startups and others who will have to file customer forms with the irs, a task that is in some cases impossible, and this would essentially kill crypto in america to be clear. It would not kill bitcoin, it would not kill ethereum protocols like that would probably take a hit on the news, but then innovation would just be driven elsewhere.
If the crypto bill passes, as is then, it will essentially put america out of the crypto game economic opportunity. As big as the internet is about to be pushed overseas and millions of americans may be even more left behind of the crypto revolution than they already are, and you may not even live in america, but if the usa is out, everybody loses. So what can? I do well first off and this may be small – we can like or engage with this video in some way just to get this information out there. But secondly, and more importantly, there is a bipartisan amendment being put out there by some pro cryptocurrency pro innovation senators, and we need to let our local senators know if you’re in the u.
that we support this, and we want them to support this amendment now. It is being voted on tomorrow, so at the end of this video we’re going to call together, i’m going to show you how to do it. Just a simple script. You can say on the phone to your local senator and we can help be a small part of shaping legal crypto precedent. The good news is senators wyden, toomey and loomis.
These are democrats and republicans. This is bipartisan, have introduced an amendment that would fix the language and clarify that the expansion of the definition of a broker doesn’t apply to open source software developers or validators like miners and stakers. So this means that companies like coinbase, like robinhood, they would still be taxed as brokers, crypto brokers, but for the average software developer for the average node runner, people who validate transactions, miners and stakers would not be treated as brokers. The bad news is that other senators, senators warner portman and cinema have introduced a separate amendment that would make the original bill even worse as of a few hours ago. This is where we stand a quick explainer on what happened with the infrastructure bill last night.
We were on track to pass the wide and loomis tommy amendment the good one to fix the worst issues with the bill, and then senator rob portman and mark warner came from nowhere to blow it up as a refresher. The amendment the good one was set for a vote yesterday and appeared likely to pass it had strong support, thanks largely to all your calls and even senator portman who led negotiations on the original crypto provision for the republicans suggested he was for it. So everything was looking fine, then, in a dc flip-flop, so fast it’ll make your head spin. Senator portman proposed his own competing amendment, co-sponsored by senator warner, a democrat meaning theirs too, is also bipartisan. Opening up the vote to everybody.
The portman warner amendment is worse than useless. It doesn’t come close to passing the laugh test and you can read the exact wording here, but the portman warner amendment only protects proof of work, miners like bitcoin and some, but not all wallets projects, that’s it. So this is essentially america choosing the winner, saying we’ll support bitcoin or we’ll make it easy and non-invasive on proof of work. Miners like bitcoin miners, some wallets, not all, but not it. If you have a proof of stake protocol, we’re still going to treat you like a broker, it also does not protect software developers or lightning node operators or any proof of stake, validators or decks lps liquidity providers or defy aggregators or many other non-custodial actors who can’t Comply with these broker laws wow, so this would force any cardano solana eth when it switches to proof-of-stake any of the it wouldn’t kill the protocols but will force all innovation out of the u.
, really slow down progress for cryptocurrency and where we stand right now now We have two competing bills, one good and one terrible, both coming up for a vote tomorrow and you may be saying: well, it’s sort of obvious that the good one will probably win right. It shouldn’t be obvious to everybody. It’S not that simple, because it looks like the bad amendment is a continuation of the us treasury department’s embrace of warrantless surveillance and a crusade against financial privacy in crypto, and get this word in dc is that this whole thing was the treasury’s idea. They don’t like what we’re building and their solution is to obtain jurisdiction over non-custodial actors. They tried this via fincen’s proposal rule last year, which failed and now they’re trying again.
So what can we do? Because this is being voted on by senators tomorrow, meaning in the few short hours we have left before the end of the business day. We need to call our local senators and tell them what we want. We can stop them to do that. We need to make more calls to senators a lot more.
We need to tell them to vote yes on, widen loomis tumi and no on portman warner. If you’re willing and able, please use the number and script here to call today. I will link this down below in the video description. I’Ve actually already pulled it up and although i want to end today’s video with a clip of what we’re fighting for a little speech from cynthia loomis yesterday, let’s make a call together following the instructions on this fightforthefuture Org webpage, so let’s call i am seeing this now for the first time. Let me type it in 517-200-9518 call speaker, [, Music, ] hi, thanks for calling stop the senate from expanding financial surveillance of the crypto economy via the federal infrastructure bill.
In a moment we’ll connect to your senator’s office, please enter your zip code, so we can connect to the right senate box. Okay, they asked for my zip code, i’m entering um. What is it? Okay, when a staffer answers introduce yourself and say hi, i’m calling to ask that you support the widened to me: loomis amendment the cryptocurrency provision of the infrastructure; okay. So it’s basically telling me to say exactly what they list on the website.
When you’re done with your first call, you can press the star button, will connect you to your next senator now we’ll connect you. We are now connecting you to the dc office of senator dianne feinstein hello. This is senator dianne, feinstein and you’ve reached my washington dc office. I’M sorry, but all of our lines are busy right now. This phone system will allow you to hold, but it automatically disconnects after two minutes, so please either hold or if you would rather call back in a few minutes or 15 minutes or so.
Thank you so much wow. So they basically just told me that, like they’ll put me on hold for two minutes, then they’re kicking me off. Okay, you know i’m gon na go ahead and publish this video i’ll keep trying the script is right. Here, everybody we have a few short hours. Let me turn this down to make this happen comment down below if you got through, let’s all check the comment section together and see where we are right now, even if you’re watching this, maybe two days later.
Just give me your give me your thoughts on this. I will leave you with this clip of senator loomis from last night talking about why we don’t want to kill innovation. We want amendments and bills that support u.s innovation, crypto innovation watch this. I will see you in the comment section.
I also want to thank senator portman for his willingness to work with me over the last week to make changes to the language currently in the bill. It’S come a long way, but even with these changes, it isn’t quite ready to become law. The wyden llamas toomey amendment is very simple: it clarifies in law what most of us already believe that validators of distributed ledger data like miners and stakers hardware, wallet providers and software developers should be required to report transactional data to the internal revenue service. This is common sense. We must make sure that the validators of distributed ledger assets like miners and stakers hardware, wallet providers and software developers are not in a position to report transaction data to the internal revenue service.
Mr president, this amendment is the first step in a long journey towards america. Renewing its commitment to innovation.