Crypto Fights back against Government Overreach, why DE-Fi Blockchains like EOS Matter.
For those of you that are unaware, recently the United States government passed a draconian measure in Washington DC, that seeks to go after the cryptocurrency industry, to increase tax revenue to help pay for the governments new $1 trillion infrastructure plan. In this video we will go over, a recent article I read called “The crypto crowd gets loud and proud on Capitol Hill” and I will be giving you my opinion on, what I believe this means for EOS in the greater crypto industry at large, source links will be in the description below, OK now let's get started.
To summarize and paraphrase, the article first begins with, cryptocurrency firms in the US have recently shown a major new capability, it has shown clearly that it is capable of making its voice heard on Capitol Hill. The crypto community chimed in just as the US Senate was wrapping up its work on President Joe Biden's $1 trillion infrastructure proposal.
In the days leading up to the proposal's passage on Tuesday, the discussion came to a grinding halt as the cryptocurrency sector railed against planned tax reporting rules for cryptocurrency "brokers" advocates in support of this measure claiming it was for the stated purpose of supposedly helping to pay for all of the maintenance. In the end, the crypto industry did not receive all it sought immediately quickly.
Nonetheless, it is still possible, and its supporters have been more vocal, raising the prospect of a heated fight in Washington over how to tax and regulate the cryptocurrency industry, this will likely be intensifying in the coming months and years. The chief executive of the Messari crypto data company, Ryan Selkis, said in a tweet during the discussion that "we need to kill crypto's adversaries before they destroy us." Selkis also stated in an interview that he hoped industry supporters would strive to defeat their intransigent opponents at the polls.
The crypto controversy was unexpected, given that the Senate had unexpectedly taken up the subject. This law requires crypto brokers to provide the standard tax forms that are used to record investment income to clients and the government, in order to ensure that the tax money was really received. Once a compromise was reached, all efforts were futile when Senate leaders requested "unanimous agreement" in order to put the plan to a vote on the floor of the Senate without delaying the passage of the infrastructure package.
Senator Richard Shelby of Alabama, a Republican, protested in an unsuccessful attempt to compel discussion of his amendment on national security. Despite the fact that the infrastructure plan did not include the improvements requested by the cryptocurrency sector, its supporters expressed their pleasure with the outcome. They believed they had shown clout by delaying the legislative process and creating support for altering the definition of a broker, which could be done via additional legislation or regulation, among other things.
The comments were obtained from two key proponents who were instrumental in advancing the legislation: Republican Rob Portman and Democratic Mark Warner, both of whom expressed their view that neither cryptocurrency miners nor hardware or software suppliers are crypto brokers. Kristin Smith, executive director of the Blockchain Association, said, "What we learnt is that cryptocurrency is a force to be reckoned with." Cryptocurrency is more than a business, there is a vast network of people dedicated to the development and maintenance of such networks.
The final political test for this group, on the other hand, has yet to be undergone. As part of his remarks, Warner also called attention to the potential problem, stating that the United States should not allow the "development of a shadow financial system that is beyond the reach of existing laws if they wish to continue to fight illicit financing and tax evasion."
Just my opinion, but I think it's pretty clear that the governments of the world are starting to take the crypto currency industry seriously, it is also just as clear from this article, that the crypto blockchain communities of the world will not just simply lie down and submit meekly to whatever wild machinations politicians come up with, to fund their largely impractical spending plans, and budget deficits.
The crypto industry is beginning to flex its muscles and make itself heard, even in the largest economy in the world, even though we are relatively a small industry collectively, especially compared to our traditional financial counterparts. We still have our allies, and more importantly the senators and congressmen, are starting to see the metaphorical writing on the wall.
We are no longer in the early days of 2010, when it might have been possible to stamp out crypto before it truly got going, now our collective industry has existed for over 10 years now and is only growing stronger each, and every passing day. And with the great advancements made with in the decentralize finance sector, crypto is beginning to move to a point where it is starting to replace many of the gatekeepers and rent takers, that currently infest the traditional finance world, and more importantly, also making many of their political champions obsolete in the process. Because ultimately, I believe they know, crypto decentralized finance done right, replaces the middleman.
I am reminded of a saying, “don't get in the way of progress, or you're likely to get run over by it” this metaphorical crypto train is picking up speed, in the politicians that hope to stop it, have run out of time. In my opinion, I believe this is an industry that can no longer be stopped. Pandora's box has been opened, and now it's time for the world to figure out how to live within this new reality, governments of the world that embrace and adopt positive crypto policies and standards like El Salvador, will be much better off in the long run, and countries that try to stand in the way of progress will likely be relegated to the waistband of history.
Because whether you like crypto or not, the long in the short of it is, crypto is here to stay and it's not going anywhere, in decentralize finance in large part is helping to lead the new age of the crypto financial revolution, of stateless money and assets, that are not dependent on any one nation state, but instead global communities of holder’s traders and sellers. Decentralized finance will be the key to bringing this world into reality, in crypto currencies like EOS main-net, will be the beating heart of what ultimately helps decentralize finance go mainstream to the masses. Speed, flexibility, and low transaction fees will be crucial in this new crypto world, and no other blockchain currently operating at scale, does it better than EOS main-net.
To all EOS holders, De-Fi will lead the charge.