Thread by @KMSmithDC

1/ Dear Senators, still confused about why the @markwarner amendments (yes, all 5 of them) fall short of fixing the #crypto provision in the #infrastructurebill? Here are 3 things you need to know.

2/ FIRST: *Crypto networks are operated by the community, not companies.* Yes, there are companies that support these networks, but the real work is done by unaffiliated network participants.

3/ This means there isn’t a big corporation hiring a bunch of software developers, writing proprietary software, and investing in hardware to offer an online service.

4/ Instead, individual developers (computer coders) work together on open-source software (meaning anyone can contribute to the code) to update a shared database stored on a network of computers.

5/ And by using this “decentralized” model, the services offered are more transparent, efficient, and secure. All good things!!

6/ SECOND: *Validation protocols, of which there are many, are the key feature of crypto networks that allow individual participants to agree upon a common database.*

7/ What you need to know is that there are dozens of validation protocols (proof of work, proof of stake, proof of space time) & many more yet to be invented. The @markwarner amendments pick winners and losers, rather than the market. The government shouldn’t stop innovation….

8/ THIRD: *Software developers don’t have customers.* This is another problem with the current bill and @markwarner amendments - it would allow the IRS to put individual software developers on the hook for reporting what other people do with their software.

9/ So for all of these reasons, the crypto industry & broader crypto community are rallying for the @ronwyden-@senlummis-@sentoomey amendment. It protects validator innovation, protects software developers, & focuses the reporting requirements on those who can & should report.

10/ This type of policy shouldn't be rushed or forced into must-pass legislation. We’d love to start back at square one… but instead we find ourselves here.

END/ So…. we urge you to support the @ronwyden-@senlummis-@sentoomey amendment and oppose the @markwarner amendment. Keep crypto innovation here in the US.

Crypto. Here for Good. (I promise you it really is.)