Compound General counsel Jake Chervinsky Think , The cryptocurrency clause added to the U.S. infrastructure act at the last minute attempts to “ Capture DeFi”.

stay 8 month 17 Japanese Bankless State of the Network In the podcast , Blockchain Association DeFi Co chair of the working group Chervinsky Express , The industry has been hit hard by the encryption tax provisions of the infrastructure act “ Caught off guard ”, The bill is expected to be approved by the Senate 9 Announced days ago .

although Chervinsky Seems willing to trust most elected officials , But he pointed out , Previous discussions around the infrastructure Bill “ It has nothing to do with cryptocurrency ”, He thinks that , The role of the Treasury in influencing the legislative process has more sinister motives .

Chervinsky Admit that you may be wearing a “ Tin foil cap ”( It means believing in conspiracy theory ), He thinks that , The Treasury is looking for another way , To invoke the former finance minister Steve Mnuchin Trying to impose strict reporting requirements on self hosted encrypted wallets .

“ It's all about DeFi…… This is the Treasury trying to figure out how to get DeFi The way of jurisdiction …… And expand the unauthorized supervision of the point-to-point financial system .”

Cherversinky Express , He was told , The Treasury initially opposed exempting network verifiers and software developers from the strict third-party reporting requirements of the act , Because it is worried that the revised legislation will not “ Fully capture DeFi”.

“ That's why we can't change the wording to focus only on centralized exchanges ,” He concluded. :

“ We soon found out that , This is not just a senator's misunderstanding …… The Ministry of finance played an important role in drafting the wording , also ( Make sure ) Any changes we propose should be sent back to the Ministry of Finance , It's up to them to approve or veto .”

Chervinsky The understanding is , The Treasury is worried DeFi The industry will argue that DEX Liquidity providers and others DeFi Participants participate in validation transactions , Therefore, it should be exempted from Supervision .

Chervinsky Add :“ As far as I understand , That's why we then got a competitive amendment , It makes it clear that , The exemption applies only to proof of work .”

“ You'll be considered really bad 、 terrible 、 The amount of work leading to climate change and ocean boiling proves that mining , But there is no exemption for proof of interest verifiers , This idea makes no sense at all .”

Although I realize I can't " Suppress the industry " after , The Treasury has changed its position , but Chervinsky emphasize , He worried that unelected Treasury officials would have too much influence on the legislative process .

He said :“ There is a view that , Behind the scenes , It's not the senator we're secretly negotiating …… It's a bureaucrat in the Treasury who doesn't know his name , in my opinion , This is a very disturbing situation .”

but Chervinsky Praised the achievements of the encryption lobby in opposing these Provisions :

“ Almost without exception, the whole industry has united to fight this problem …… Yes , This bill is a threat , But more importantly …… This industry can effectively unite to defend itself in Washington .”


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