Jerry Brito, Executive Director of Coin Center, pointed to how Senator Warner has revised his amendment yet again. He now excludes proof-of-work and proof-of-stake, but not any other consensus mechanism. I am speechless. Now they’re picking two winners? There are other consensus mechanisms! Why do this?

In response, Emin Gun Sirer of Avalanche (AVAX) stated, “It’ll be fun watching all those low-innovation chains that claimed they were “novel because we’re Proof of X” quickly ditch their entire narrative and admit that they were doing Proof of Stake all along.”

It is becoming increasingly obvious that the Senate is giving a picture-perfect lesson on why politicians cannot be trusted to “regulate” technological innovation.

There are key moments that define the future – the future of the cryptocurrency space. One of them is happening in the Senate with the infrastructure bill. At the 11th hour, Mark Warner proposed an amendment. He required that the proof of stake validators should comply with the impossible, but not proof of work miners. It just looks like they are deciding on which kind of cryptocurrency consensus mechanism will win past the government regulation.

The government is trying to choose between the winners and losers from the newly evolving cryptocurrency industry.  There is innovation happening every day.

Brian Armstrong gave an analogy to the trending situation stating, if the government decided that iOS is OK, but Android isn’t. And, that software developers building on iOS will be able to thrive, but Android is outlawed.

If the Mark Warner amendment gets voted for, then the future development of blockchain technology will move offshore to countries like China which are currently embracing it.

Cryptocurrency is still in its early stages. Innovators are trying to make crypto networks better, eventually making possible new apps like NFTs, smart contracts, and DeFi.  If the US embraces innovation, it will bring enormous benefits to Americans, thus help ensure their place as a financial hub.

This debate in the Senate all began because the government can see the growing crypto industry as a source of tax revenue. They are ultimately looking to have everyone pay their taxes. In the process, it is not good to destroying exciting innovations.

The community was like:  Developers will make wrappers on POW & POS only and outplay the bill. So it just looks like POS is not even a consensus mechanism; it’s a Sybil protection.

It is very clear that regulators want to mess with DeFi and make them as horrible to use as TradFi services.

The way these amendments are presented and the reasoning they come along with it’s a sad thing to witness.