Washington, D.C. (August 9, 2021) – The Blockchain Association Executive Director Kristin Smith released the following statement after the Senate failed to reach unanimous consent to pass the Toomey-Warner-Lummis-Sinema-Portman compromise to avoid harmful, unintended consequences for American innovation:
“Washington politics prevailed over common sense today. While we remain hopeful a political roadblock may be moved by tomorrow morning, we’re bracing for next steps. By failing to reach unanimous consent on the Toomey-Warner-Lummis-Sinema-Portman compromise, the U.S. Senate jeopardizes American leadership in financial and technological innovation. As written, the infrastructure bill contains harmful IRS reporting requirements that many in the crypto ecosystem lack the capabilities to comply with. As a result, many crypto players will be forced to move overseas, leaving future jobs and economic growth on the table.
“However, today’s setback isn’t the end. The Blockchain Association and our 46 member organizations look forward to engaging with members of the House of Representatives to ensure the unclear and unworkable aspects of this provision are removed once and for all.”