Thread by @PerianneDC

Top 5️⃣ Lessons Learned Debating Crypto Policy with the U.S. Senate

As we reflect on the industry’s efforts with the #infrastructurebill, I’d like to share my thoughts on the key lessons we learned as a community and what we can do to keep moving forward.

Thread 👇

1️⃣ More education is needed 1️⃣ Many in Congress badly need a crypto education. Most Members had their first deep dive into the technology during this legislative debate. Now we must proactively engage with policymakers so they have a deeper knowledge of these innovations.

The best way to understand a new technology is to try it out. The Chamber’s initiative, Crypto for Congress, was created especially for elected officials.

Crypto contributions serve as a starting point to teach our elected leaders the basics of how blockchain technology works by allowing them to experience the power of this technology in their own hands. Check out our website to get started cryptoforcongress.com

2️⃣ Expect More Policy Debates 2️⃣ The crypto industry must be prepared for new regulations and guidelines as the market matures. The market cap for digital assets surpassed $2T in April and regulators have their eyes on crypto.

The industry must take public policy more seriously and invest in building relationships with our elected and appointed officials. This is why the @DigitalChamber exists.

3️⃣Don’t Play Politics with the Politicians 3️⃣ We were in a dangerous position Thursday night. Senators Warner, Portman, and Sinema introduced a competing amendment at the 11th hour that would have had devastating impacts on the digital asset ecosystem.

If votes were taken on Thursday, it’s possible this amendment would have passed and won. It had the backing of the White House and many democrats, who are in the majority, were expected to vote on it.

This power play by Sens. Portman/Warner/Sinema took many by surprise. It should not have. How we got into this position has a lot to do with how many people behaved throughout the process...

4️⃣ Be Respectful 4️⃣ Our passion and commitment is clear, but we must also be understanding and diplomatic. Many policymakers don’t grasp #crypto, blockchain or things like mining. Attacking them on social media doesn't help. Let’s encourage and unite, not lash out and divide.

5️⃣Consult Legal Counsel5️⃣There was a ton of misinformation about what this does and what it doesn’t, especially on social media. For those who are uncertain about how this impacts you or your business, speak with a tax lawyer.

Tax law is highly specialized and even more so when you add crypto to the mix. The Chamber worked to get friendly legislative history to hopefully guide the IRS in implementing the crypto provision.

In closing:

We’re in a crucial moment for #blockchain policy. We’re going to see a number of important policy decisions made over the next few years that will impact the fate of our economy for generations to come.

The best outcome of the past 10 days is that almost every Member of Congress knows more about #blockchain technology and digital assets. Now we must continue the momentum to educate and make sure America continues to lead the world toward life-changing innovation.

Final Point🙌huge shout out to all the ppl that worked behind the scenes to support our efforts: the Hill staffers that supported our community, the lawyers advising us, the government affairs professionals who helped us navigate the process, & @DigitalChamber team. Thank you🙏