Leaders in the crypto sector have continued to speak out after the US Senate enacted a comprehensive $1 trillion infrastructure package, which includes tougher regulations for crypto firms and expanded reporting requirements for brokers. Silicon Valley leaders such as venture capitalists Marc Andreessen and Ben Horowitz, as well as big-name investor Mark Cuban, have backed cryptocurrency.
The resistance to cryptocurrency, according to its most outspoken supporters, derives from an inability to look past all the token speculation and ignore the commercial potential that blockchain technology may provide. Cuban, who runs several crypto-related firms, compared the technology’s potential to the development of the Internet. Cuban said,
Shutting off this growth engine would be the equivalent of stopping e-commerce in 1995 because people were afraid of credit card fraud. Or regulating the creation of websites because some people initially thought they were complicated and didn’t understand what they would ever amount to.
Mark Cuban is an outspoken supporter of cryptocurrency and decentralized finance. The owner of the Dallas Mavericks is well-known for allowing the team to take Bitcoin, Ether, and Dogecoin as payment for tickets and merchandise. In May, he also said that crypto asset values are becoming more indicative of genuine use and demand and that the day would come when crypto is mature to the point that we wonder how we ever survived without it.
The problematic bill was voted by the US Senate 69–30 on Tuesday morning. The measure, however, has sparked widespread alarm in the crypto community since it would impose stricter regulations on crypto firms, extend broker reporting requirements, and require that digital asset transactions worth more than $10,000 be disclosed to the Internal Revenue Service (IRS).
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