ICYMI is an ongoing series of blog posts commemorating important Twitter threads from thought leaders at Coinbase and beyond. In this thread from 08/06/2021, Brian talks about key moments for the future of cryptocurrencies, including a recently proposed infrastructure bill.
There are some key moments that define our future. One is happening now in the Senate with the infrastructure bill. At the eleventh hour Mark Warner has proposed an amendment that would decide which fundamental technologies are fine and which are not in crypto. This is disastrous.
Senator Mark Warner has requested proof-of-stake validators to meet the impossible, but no proof-of-work from miners. [Read about the differences between proof of work and proof of stake here.] Why? It’s unclear, but we could meet with the Senate deciding what types of cryptocurrencies will survive government regulation.
This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to misspell some exceptions by hand today.
Imagine if the government decided that iOS is fine but Android is not. And that iOS-based software developers can thrive, but Android is forbidden.
Our senators will vote tomorrow on the future of innovation in finance and cryptocurrency in the United States. If they elect Sen. Mark Warner Amendment, we will see that the future development of blockchain technology will carry over to countries like China that are currently adopting it.
Crypto is still in its early stages. Innovators in this country are working to improve encryption networks, enabling new applications such as NFT, smart contracts, and DeFi. These will bring huge benefits to Americans and help secure our place as a financial center.
If the US does not embrace the innovation that occurs in cryptocurrencies, it risks becoming a financial backwater, missing out on one of the fastest growing sectors of the economy. Imagine if we had missed the Internet and the largest Internet companies had been created abroad.
This debate in the Senate started because the government sees the growing crypto industry as a source of tax revenue. We agree that everyone should pay their taxes. There is no debate on this topic. But destroying some of the most interesting innovations in the process is inconceivable.
History will not be kind to any politician who tries to block American access to new technologies. Americans have a very low tolerance for taking away our rights and damaging economic growth.
Get in touch with your senators and urge them to vote for him Wyden-Lummis-Toomey amendment and vote NO on the Warner-Portman amendment. Let’s keep cryptocurrencies alive and thriving, we are just getting started.
In Emilie Choi’s Top of Mind email on 08/09/2021, she also referred readers to blog post on the same subject by Fred Wilson.
* We have added links where appropriate. You can see original thread here.