Community Trust ScoreVerified
Senator Cynthia Lummis expressed: “The Wyden-Lummis-Toomey amendment is simple. It clarifies in law what most of us already believe—that validators of distributed ledger data like miners & stakers, hardware wallet providers & software developers should NOT be required to report transaction data to the IRS.”
It just looks like not everyone is agreeing to the Wyden-Lummis-Toomey Amendment because it mentions proof of work and not proof of stakes.
Jerry Brito expressed: “The White House is endorsing proof-of-work over all other consensus mechanisms to be enshrined in law.”
The community was like, whatever your views on one consensus mechanism over the other (PoW Vs. PoS). This is just bad lawmaking and anti-innovation. It’s bad lawmaking both because it doesn’t make sense, and will be counterproductive to its stated objectives.
Looks like a smart play. First, bury all consensus mechanisms under (close to impossible) administrative requirements, except for Proof of Work. Then prohibit PoW based on environmental concerns in another bill later on. Problem solved!
They’re about to destroy more than just the mining industry, “no more innovation in the USA” or “go run your crypto business elsewhere” is the message I’m getting.
It’s also bad politics. There’s an army of voters across the political spectrum ready to become single-issue voters for whoever gets this right.
Now would be a good time to invoke the principle of technology neutrality: We should develop policies and laws that apply evenhandedly across technologies and time.
Will this be a good time to invoke the Principle of Technology Neutrality: that we should develop policies and laws that apply evenhandedly across technologies and time?
The bill being counterproductive to name or stated purpose is like the default setting.
Blockchain technology is one of the most innovative and beautiful things I have ever seen. This technology focuses on improving the world through trustless, tamper proof technology that is free of corruption and manipulation. It just looks like anything that is free of corruption will ultimately become corrupt.
Senator Cynthia Lummis is a thoughtful and responsive legislator who is supporting innovation and inclusion. The precise problem is that some people in the halls of power will be able to manipulate it or use it as a control mechanism, so it is dangerous.
Many politicians complain about proof of work energy consumption, but then try to punish proof of stake through regulation. It’s almost like they want to force the industry to relocate outside the US. They will decrease tax revenue but are too shortsighted to see it.
People are like: Please vote for the Wyden-Lummis-Toomey amendment and allow America to remain the leader in financial innovation with cryptocurrency. But don’t kill the goose that lays the golden eggs (technological innovation and economic growth) with over-regulation.
