Brief Regulatory Update

wilkinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado today is november 16 2021 and i wanted to share with you guys a few things that are a continuation of the stuff we talked about a few months ago with the infrastructure built so as many of some extremely bad language was put into the infrastructure bill and there was a large movement in the cryptocurrency space with an attempt to correct that bad language unfortunately because of the arcane processes of the us senate and the leadership in the u.s house it was very difficult to actually make any progress to remove that bad language within the infrastructure bill the infrastructure bill passed the senate and the congress it survived reconciliation and the infrastructure bill was signed by biden so as it stands right now us law is in a position where there is an unenforceable mandate which if read in a draconian sense would have catastrophic consequences on the american cryptocurrency industry as a consequence some things are coming down the pipe i've heard talking to senators and people in d.c that there are two pieces of legislation that are going to be proposed one piece of legislation and then the coming weeks is going to focus on undoing the very negative damaging language that is in the infrastructure bill and i suspect that that's going to have some bipartisan support and there's a pretty good possibility if we rise up as an industry and demand it that we can get that passed so that would put us back to where we were for the most part pre-infrastructure built but then there's an open question of what to do about the broader cryptocurrency space how regulation needs to work asset definitions creating definition for utility token and sufficiently decentralized so there's a group of people in dc in the senate who will propose a larger bill and that larger bill will contain the whole banana all of this stuff my understanding is it's many many pages long it's not just a simple clarification and that's going to be a big fight but i think the time has come for 2022 to take the bull by its horns and pass something specific to crypto so these are the two things that i know of from my discussions with people that are coming and happening as soon as those those bills hit we'll of course read them and i'll show you guys where to find them when they hit and obviously we're gonna on our side do as much as we can to lobby and as much as we can to encourage people to support and we'll let you guys know what can be done to try to move it over the the line and get at the very least undoing the damage of the very damaging infrastructure bill undone so that's a brief regulatory update as i said to you guys i'd let as soon as i knew something and there's been a lot of conversations off the record and private conversations and a lot of people in dc especially in leadership positions who are fundamentally unhappy with u.s crypto policy and feel that we as a nation can do a lot better to provide clarity and we as nation can do a lot better to engage the cryptocurrency industry in a way that doesn't destroy jobs or destroy the industry so we're in a slightly bad position today because the infrastructure bill was passed and if it's left to its own devices by 2023 when these mandates come into place depending on how they're interpreted and what the irs does with it can cause catastrophic damage which is why the the first goal is to simply undo that damage and then get us back to the baseline we were at and the next goal would then be to push for comprehensive legislative reform to restructure the way that cryptocurrencies in general are regulated in the united states there are many great examples of victories from the state of wyoming the state of texas and other places that have been proactively writing cryptocurrency legislation that does not destroy or damage our industry and there's some anti-patterns like for example what happened in new york with bit license so this is not a problem that's just going to self-correct it's something that we need to work together as an industry and as a community to be vigilant and push forward so in the coming weeks we're going to certainly see a lot and it's going to be a lot of fun to see and read what what's proposed and hopefully we'll be able to as a community come together and make some progress and be able to get things fixed up and ensure that the united states is a a great place to run a cryptocurrency business because the reality is the world is moving on and regardless of what u.