- The battle over the crypto element of the Infrastructure Bill highlighted how far crypto has come in recent years
- Just a few years ago the community could never have come together as it did this month
- The way in which it pulled together bodes will for the regulatory battles to come
The battle over the crypto element of the U.S. Infrastructure Bill may have not gone down how the cryptocurrency community hoped thanks to one embittered senator, but the manner in which it was fought proved that, almost overnight, cryptocurrency suddenly matters. The way in which the usually divisive community was able to come together and fight for a common goal, and the incredible impact it had, has been summarized by German blockchain reporter Patrick Hansen in a great tweet thread which illustrates just how far the cryptocurrency industry has come and how bullish this is for future battles to come.
1/ Why didn’t market prices react to the terrible crypto provision in the infrastructure bill in the US?
IMO, because the main signalling was ultra bullish. Crypto has become a political force. And, frankly, we have a lot to learn from that in Europe. https://t.co/hqFs7x8GQm
— Patrick Hansen (@paddi_hansen) August 19, 2021
“Bitcoin Bros” Showed Maturity and Strength
Hansen praised how the cryptocurrency community, derided by many in the mainstream media and given names such as “Bitcoin bros”, were able to organize itself and gather such a loud voice in protest of the crypto element of the Infrastructure Bill. The bill was initially labeled unworkable by those within the space, but it didn’t take long for those in positions of power to listen to influential crypto voices and understand the position that it put regular people in.
Hansen put the magnificent performance down to a number of factors – a 50 million+ user base, the existence of unicorn crypto companies now making their way onto traditional stock exchanges, integration into the mainstream by famous faces, and the existence of powerful lobbying organizations. Such organizations only really came into being in the last couple of years, so the way they were able to get on board several senators, all for the sake of protecting the crypto industry in the U.S., is quite remarkable.
Infrastructure Bill Battle Lost But War Goes On
Although the amendments to the Infrastructure Bill didn’t get passed due to one stubborn senator voting against it because he didn’t get his way on other matters, the fight is not over. Even if it ends in defeat, the legacy of the fight put up by the crypto industry will have given pause to those who criticize it as just a room of profiteers looking to screw over other people for a quick buck.
With vital battles over regulation coming up, it is clear the crypto industry will feel much more confident about its ability to stand up for itself if it is dealt an unfair card.