Dear Majority Leader Schumer and Minority Leader McConnell,
The undersigned organizations—which include nonprofits, trade associations, and individual companies that participate in the United States’ vibrant and growing crypto economy—write to express our strong support for the amendment introduced by Sens. Wyden, Lummis, and Toomey.
As currently drafted, the recently announced Bipartisan Infrastructure Bill would jeopardize the cryptocurrency and blockchain industry’s future in the United States. The provision titled “Enhancement of Information Reporting for Brokers and Digital Assets” would likely lead to a host of unintended consequences, not only for the technology’s ability to operate in the United States but also for the privacy rights of all Americans.
The Wyden-Lummis-Toomey Amendment addresses a significant concern raised by the bill as currently drafted by removing the obligation to report from those network participants who don’t have—and shouldn’t have—access to customer information. It does so without affecting the reporting obligations placed on brokers and traders of digital assets.
Cryptocurrency networks are open source and run on the internet; they are here to stay whether the United States participates in their development or not. They promise to advance many ideals the United States supports: openness, freedom of speech, transparency, and individual agency.
We thank Sens. Wyden, Lummis, and Toomey for their valiant effort. While there are some remaining questions about portions of the language, this amendment goes a long way to addressing some of the biggest concerns with the draft. We encourage you to adopt the Wyden-Lummis-Toomey Amendment.
Advantage Evans, LLC
Americans for Tax Reform
Association for Digital Asset Markets (ADAM)
Boston Blockchain Association
Blockchain Defense Initiative
Brand New Strategies
California Blockchain Advocacy Coalition
Chia Network Inc.
Circle Internet Financial, LLC
Competitive Enterprise Institute
Compound Labs, Inc.
Cross River Bank
Crypto Council for Innovation
Dash Core Group, Inc.
Digital Currency Group
Digital Innovation Group
dYdX Trading Inc.
Edge & Node Ventures, Inc.
ETHDenver and Colorado Blockchain
Electric Coin Company
Electronic Transactions Association
Emerging Impact Group
Florida Blockchain Business Association
Global Digital Finance
Government Blockchain Association
Grayscale Investments, LLC
gumi Cryptos Capital
Hajj Media, LLC
Learning Economy Foundation
Makara Digital Corporation
Minnesota Blockchain Initiative
National Policy Network of Women of Color
New Jersey Blockchain Council
North Carolina Blockchain Initiative
Offchain Labs Inc
ORCHID Labs, Inc.
Pennsylvania Blockchain Coalition
Proof of Stake Alliance
Puerto Rico Blockchain Trade Association
SKALE Labs, Inc.
South Carolina Emerging Tech Association
Stellar Development Foundation
Strix Leviathan, LLC
The Graph Foundation
Technology Association of Oregon
Texas Blockchain Council
The Aave Companies
The Wall Street Blockchain Alliance
Union Square Ventures
Value Technology Foundation
Women in Blockchain
Women in Blockchain Boston
WTIA Cascadia Blockchain Council
Wyoming Blockchain Coalition