The new crypto infrastructure bill created uproar in the crypto community over the last several weeks, as the bill introduced reporting requirements for the vaguely defined crypto “brokers.” The bill’s broad definition of brokers could include not only reporting requirements from websites that enable decentralized finance, or DeFi, but could be interpreted to include those same requirements for cryptocurrency hardware storage providers, such as cold storage wallets.
DeFi is the fastest growing segment of the crypto industry, as developers are building cutting-edge solutions to decentralizing the financial services industry. Within the DeFi space, users can find decentralized solutions to lending, swaps, insurance, derivatives, synthetic traditional assets, and hopefully much more in the future.
Sarson Funds Chief Marketing Officer Jahon Jamali shared his thoughts on the infrastructure bill on an NTD news segment covering the crypto infrastructure bill, noting, “What we want to have here in the United States is regulation that promotes innovation. The United States is the home of fintech innovation, and that’s where we want to keep it.” In recognition of the pace of global crypto innovation, it is critical that the United States establishes itself as a benchmark for the world to follow, however, if the current proposed bill makes its way through legislation, the US risks surrendering its position as the standard for global finance and economics. With the future of finance leaning toward crypto, the United States must course correct to strengthen its position as the leader of global finance.
Stay tuned for updates as the proposed bill faces the House of Representatives this fall.