The Infrastructure Bill’s Tough Lessons for Cryptoland

Source: Model Citizen
by Will Wilkinson

“The crypto/blockchain world seems pretty well tuned into regulatory developments, and rumors thereof, coming out of the SEC and the other major regulators of the American financial system. Crypto publications and podcasts, which I’ve been avidly consuming of late, seem to find the contents of Gary Gensler’s consciousness absolutely riveting. That’s fine. That’s great. However, I fear that an excess of SEC Kremlinology and kvetching about the Howey Test may have taken cryptoland’s eye off the political ball, because Congress just beaned it in the noggin. The $1.2 trillion Infrastructure Investment and Jobs Act, which passed the House Friday night and now awaits Biden’s signature, contains two crypto-related provisions that were added in the Senate, both of which can be expected to have the effect of driving transactions that otherwise would have occurred on a blockchain back onto incumbent, bank- and broker-surveilled payment and exchange systems.” (11/09/21)