Update: US Infrastructure Bill
It ain’t over till it’s over.
If you read my last newsletter earlier this month and felt a little bit queasy about the future prospects of crypto in the US — I don’t blame you. I was pretty alarmed that such a poorly written provision which would have such a profound negative impact on this industry could pass through the Senate. I was feeling pretty bearish. Fortunately, as soon as I hit the ‘send’ button, the market started to rally — typical.
We saw the community band together and melt the phones of their respective Senators and it actually paid off. Senator Lummis and Toomey were able to stand up in front of the Senate and plead their (our) case. If you missed it, here’s a clip.
Personally, I felt that it was a pretty special moment for Bitcoin and the broader crypto market. At the very least, Bitcoin was on a massive stage and was displayed in a very positive light in front of the world.
The vote needed to be unanimous.
Unfortunately, Richard Shelby, an 87 year old retiring Senator out of Alabama shot down the amendment. He didn’t get his own amendment for $50b in defense spending, so he was against all others. The bill was passed through the Senate as originally written. Damn.
Even Ted Cruz stood up and torched the Senate for its lack of understanding of this industry.
Yeah…Ted Cruz!
So, where does this leave us?
The good news is we’re not giving up. Next stop is the House where we will fight our next battle. Thankfully, we’ve already seen a great amount of support by insiders like Rep. Tom Emmer and others who have already started to lay the groundwork.
Just a few days later… told you we’re not done.
It looks like the House will reconvene on August 23rd but from what I’ve read, this process can be drawn out for quite some time.
I suspect that when all is said and done, we will get some watered down version of the provision that is not as harmful as the original. The best case scenario is that they scrap the entire provision entirely.
Man… life would be so much easier if the President was a bitcoiner… one day.
In case you missed it…
- BlackRock goes big on Bitcoin https://www.forbes.com/sites/anthonytellez/2021/08/19/blackrock-joins-fidelity-and-vanguard-as-a-bitcoin-mining-investor/
- Coinbase receives approval to purchase over $500M of crypto https://www.forbes.com/sites/billybambrough/2021/08/20/coinbase-ceo-reveals-500-million-bitcoin-ethereum-and-crypto-bombshell-as-the-market-price-breaks-2-trillion/?sh=7e0729487267
- Fidelity: Bitcoin is the key focus now.
https://www.bostonglobe.com/2021/08/16/business/fidelity-bites-bitcoin/?outputType=amp&__twitter_impression=true - Former SEC Chair crosses over to crypto
https://blockworks.co/former-sec-chairman-jay-clayton-joins-crypto-platform-fireblocks/ - The Lightning Network is driving mainstream adoption https://www.businessinsider.com/the-lightning-network-is-driving-mainstream-bitcoin-adoption-2021-8?amp&__twitter_impression=true
- Giant mortgage lender to begin accepting BTC later this year https://www.thestreet.com/crypto/news/lending-giant-united-wholesale-mortgage-to-begin-accepting-bitcoin
- Tether posts promising attestation
https://www.coindesk.com/tether-reserves-details-attestation-commercial-paper
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