Senate Bill H.R. 3684
I am not much of an activist or political person. Trading well requires a certain political agnosticism to understand how trends are going.
But right now, the Senate infrastructure bill H.R. 3684 has included language that will:
- require cryptocurrency developers to register as brokers (think Fidelity or ETrade) to write code.
- It will require crypto-miners and node validators to become brokers.
- It will require layer-2 scaling solutions (like the Lightning network) to become registered brokers.
There’s also stuff about non-custodial wallets and other junk.
This legislation, born from profound ignorance about the way the industry works, will effectively make Bitcoin and Ethereum illegal. No software developer has enough money to become a registered broker, and layer-2 solutions are the only way to make cryptos fast enough to be useful.
There is a smart way to regulate cryptos, but this will crash the cryptocurrency market and make for a long crypto-winter. It’s also unclear whether there will be much of a use-case for cryptos to return.
There are two simple ways you can help
#1 If you are in the United States, call your senators
Republican or Democrat, it doesn’t matter.
Here is a webpage to find the right number to call and a little script for you to read — probably for an answering machine, maybe for an aid.
If you want to be really sure of your senator, you can go here to double-check. https://www.senate.gov/senators/senators-contact.htm
You have two senators. Call both.
I know some of you are shy of the phone. Here’s an email you can send (though the phone has 3x the impact). Find their email addresses here.
Subject: Bitcoin/H.R. 3684
Dear Senator [name],
You ought to support Senator Wyden, Toomey, and Lumis’s amendment to the cryptocurrency provision of the infrastructure bill (H.R. 3684).
This amendment will ensure that the provision does not dramatically expand financial surveillance, harm innovation, or undermine human rights. Policies that impact basic freedom and the future of the Internet should be debated carefully and should never be attached to must-pass bills.
I do not support the Warner-Portman-Sinema amendment, which was hastily conceived in ignorance of the industry’s operation.
The federal government should not consider legislating technology it does not understand, especially after destroying the value of our dollar. What do you want to be remembered for?
Want to know more? Ask Senator Lummis’ aide. He will be happy to break it down and make it easily understandable.”
Your trusting constituent [name]
#2 Even If You Are Not In The US
You can spread the word.
Here’s my Quora post that you can share with all relevant information.
You can retweet this.L. Sebastian Purcell @lspurcellWe have 1 day to save Bitcoin and Ethereum from becoming illegal in the US. #Bitcoin #Etherum Fight for the Future @fightfortheftr? #Cryptocurency Red Alert ? There is a #Crypto provision hidden in a must-pass bill that will allow mass-surveillance of the crypto-economy. Luckily, an amendment has been introduced that addresses these issues. Tell your Senator to support it ASAP at https://t.co/dGZTUyf9BW https://t.co/7Ma9Sb9XfYAugust 6th 20211 Like
Heck, you can share this email.
And if you don’t want to share my stuff for whatever reason, that’s fine. I’ve included other links here for you to share. Just spread the word.
As a final note, my paying subscribers, on Discord, know my plan to trade this event. They pay a subscription fee for a reason.
But for all of you who are free subscribers, please plan accordingly. A ban on Bitcoin in the US will not be good for the industry, obviously.
Finally, I’m not sending out my next lessons this weekend, since they are crypto-currency focused (on yield farming) and that might be a moot point by Wednesday of next week.