Kristin Smith of the Blockchain Association explains what will follow in the fight for bitcoin politics in Washington

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Episode 47 of Season 3 of The Scoop was recorded remotely with The Blocks Frank Chaparro and Kristin Smith, Executive Director of the Blockchain Association.

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publicity

A high-intensity fight in Washington, DC over the crypto tax return provisions included in a $ 1.2 trillion infrastructure bill has drawn wide attention and heated remarks from supporters, opponents and powerful members of Congress.

And while Kristin Smith, executive director of the Blockchain Association, admits that the current language of the legislation is not perfect, the collective show of force of advocacy groups, business leaders and think tanks was “like nothing else I have experienced in my 20 years in Washington DC

In this episode of The Scoop, Smith joined host Frank Chaparro and senior reporter Kollen Post to discuss the legislation live during the podcast as Senators cast their final vote before sending the bill out of the way. bedroom.

According to Smith, the fight against crypto tax reporting requirements which opponents say places excessive burdens on companies that are not clearly defined as digital asset “brokers” and who, at one point, risked choosing of technological winners and losers is far from over.

What we’re going to do in the days and weeks to come is try to figure out how best to show that there is a wave of support for changing this language, ”Smith noted.

Next step: Lobby for positive change before the law becomes US law.

We will be there and we will have amendments and we are setting up our lobbying team, ”said Smith, who added: We have a lot of time to work to reverse this.

Ultimately, Smith concedes that there may ultimately not be an opportunity to add amendments to the bill. However, the struggle brought the crypto industry to the forefront in Washington for the first time, with Smith declaring, “We went from zero to 60 overnight, and we caught the attention of the entire political class. in Washington.”

The bill is now entering the House, which will meet again in September for the next steps.

This episode of The Scoop also focused on:

Secretary of the Treasury Janet Yellens’ Position on Crypto The players in the DC crypto scene today Which policymakers and politicians are in favor of the amendments to the bill.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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