Coinbase CEO Stance On US Infrastructure Bill

Coinbase CEO Brian Armstrong shared his stance on the US Infrastructure bill and described this bill as a disaster against the crypto industry.

At present, the United States’s infrastructure bill is under high voltage discussion in the crypto industry. Many things in the “bill” can negatively influence the crypto industry.

However, this bill is specially made for the tax-related concerns but besides the tax, there are many rules and regulations for specially crypto-based services and this bill may impose huge restrictions on the miners, developers and also in some cases Defi industry in particular circumstances. Many experts claimed that it is hard to understand the US bill and probably we will be able to understand it more perfectly when this bill becomes law. 

Brian Armstrong, CEO of Coinbase, became the latest to react to this bill. Brian described this infrastructure bill as a disaster against healthy crypto operations. Through the tweet, Brian wrote 

“This 6050I provision in the infrastructure bill seems like a disaster if I understand it. Criminal felony statute that could freeze a lot of healthy crypto behaviour (like Defi).”

A further statement of Brian indicated that the team of Coinbase is still working to study the bill in more depth to figure out the possible negative or positive results on the crypto industry.

“Our team is looking into this further to try and figure out what exactly the implications are”

In the very starting, when the Infrastructure bill entered the public domain, researchers & investigators found that it would only impose restrictions & regulations on the “Brokers” to report about their transactions. But a recent study of the Crypto Council for Innovation ( CCI) revealed that it will impose restrictions on the miners and developers. Through a published report, they wrote 

*miners and developers – could be subject to regulations even if they were not strictly “brokers.”