Bobos & Wojaks

Get Rich Or Die Tryin

Dysfunction of the US Congress regarding crypto currency v

On August 9 the dysfunction of the US Congress and Executive Branch was on display when a much-discussed crypto-currency provision in the infrastructure bill appeared to be subject to a bipartisan amendment – which then failed.

 

Inner City Press is a publication in the United States that covers cryptocurrency and other financial topics. The end-game was live tweeted by the District Court for the Southern District of New York, as well as before DC authorities and courts:

 

Now, Senator Toomey of the United States is giving a crypto-currency speech, stating that he has agreed with Senator Warner, among others, to clarify that broker-like operations are covered, but not validators, node operators, or software developers. Sen Lummis has now joined the conversation.

 

Senator Ted Cruz has now stated that he expects to hear objections to the amendment(s) and that the original language may be retained. It would be wiser to take everything out and analyse it, he claims.

 

“Laws are like sausages,” Bismarck says. It’s preferable not to see their creation.”

Now Alabama Senator Shelby is objecting, claiming that he wants to include a defence clause.

 

According to Senator Bernie Sanders, this would entail a $50 billion increase in military budget. “A UN report,” says the author now. While the UN suppresses the press: The UN’s restriction on Inner City Press and a letter from law firm Quinn Emanuel to Antonio Guterres’ Melissa Fleming were raised to UN Spokesperson Stephabe Dujarric today: “There has been no change in status.” There was no response, including from 12 members of the UN Correspondents Association’s board of directors.

 

Sen. Shelby: I raise an objection. Sen. Toomey: We’re not going to vote on Sen. Shelby’s amendment because there’s no agreement on how to vote on it. As a result, “any individual who performs ANY service effectuating the transfer of digital assets” is now required to report. 

 

Sen. Toomey: After we inhibit innovation and new apps, we’ll come back to this. It’s not a nice situation. I give up. [Bismarck is still alive and well in the United States Senate.]

 

He’s back – Sen. Portman has a rehearsed conversation with Sen. Warner about how the Treasury will (might?) interpret their law, because they can’t bring any amendments to a vote due to dysfunction.