CEI Joins Coalition Letter : Re: Wyden-Lummis-Toomey Amendment to H.R. 3684
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 Algorand
Americans for Tax Reform
Association for Digital Asset Markets (ADAM) Binance.US
Blockchain Association Blockchain Capital Blockdaemon
Boston Blockchain Association Blockchain Defense Initiative Brand New Strategies BTCKing
California Blockchain Advocacy Coalition Celo Foundation
Centre Consortium Chia Network Inc.
Circle Internet Financial, LLC CMT Digital
Code Inc. Coinbase Coin Center CoinList CoinShares Copia Institute
Competitive Enterprise Institute Compound Labs, Inc.
Cross River Bank Crowdie Advisors
Crypto Council for Innovation Dapper Labs
Dash Core Group, Inc. DeFi Alliance
Digital Currency Group Digital Innovation Group Digital Liberty
Dragonﬂy Capital DRW Cumberland dYdX Trading Inc. DoinGud
Edge & Node Ventures, Inc. ETHDenver and Colorado Blockchain Electric Coin Company
Electronic Transactions Association Emerging Impact Group
Framework Ventures FinClusive Fireblocks
Florida Blockchain Business Association Gem
Global Digital Finance
Government Blockchain Association Grayscale Investments, LLC
gumi Cryptos Capital Hajj Media, LLC Hangar
Learning Economy Foundation Ledger
Lincoln Network Liquality
Makara Digital Corporation Maker Foundation
Minnesota Blockchain Initiative
National Policy Network of Women of Color in Blockchain
New Jersey Blockchain Council North Carolina Blockchain Initiative Oﬀchain Labs Inc
Okcoin Optimism PBC
ORCHID Labs, Inc. Paradigm
Pennsylvania Blockchain Coalition Placeholder Management
Proof of Stake Alliance
Puerto Rico Blockchain Trade Association Securrency, Inc.
Sia Foundation SKALE Labs, Inc. Skynet Labs Solve.Care
South Carolina Emerging Tech Association Stellar Development Foundation
Strix Leviathan, LLC Square, Inc.
The Graph Foundation Ribbit Capital
Ripple Tacen Inc.
Technology Association of Oregon Texas Blockchain Council Tokensoft Inc.
The Aave Companies
The Wall Street Blockchain Alliance Tlon Corporation
Union Square Ventures
Value Technology Foundation Voyager
Women in Blockchain Women in Blockchain Boston
WTIA Cascadia Blockchain Council Wyoming Blockchain Coalition ZenLedger