BREAKDOWN: The Senate Shoves a Dangerous, Last-Minute $28B Crypto Provision Into the Infrastructure Bill
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 July 2021
⏱️ 12 minutes
🧾️ Download transcript
Summary
The bipartisan bill contains potential impacts to crypto intermediaries.
This episode is sponsored by NYDIG.
First, on the Brief:
- U.S. growth last quarter performing under economists’ expectations
- Robinhood's subdued IPO debut
- "Wild amounts" of capital going into crypto
In the main discussion, NLW addresses the specifics, reactions and potential impacts of a crypto provision within the Biden administration’s big infrastructure bill. A draft copy of the provision aims to raise $28 billion via a crypto tax, imposing new reporting requirements for a broad swath of crypto intermediaries.
Potentially, intermediaries from wallet developers to miners will be impacted by the provision. If this draft of the bill makes it to a vote, how will a tax scheme impact crypto development and adoption? Is this provision just a messy step in a positive U.S. government acceptance of crypto or a dangerous damping factor on progress?
-
NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
-
The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: rarrarorro/iStock/Getty Images, modified by CoinDesk.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The implication of this is that if every miner and node operator and liquidity provider and every other actor in a decentralized system, |
| 0:07.1 | all of a sudden has these reporting requirements, it seems almost inevitable that the only way to actually operate a public blockchain will be by taking a legal action. |
| 0:17.8 | So yeah, it's a big deal. |
| 0:20.6 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on |
| 0:26.3 | macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is |
| 0:32.9 | sponsored by Nidig and produced and distributed by CoinDesk. |
| 0:44.3 | What's going on, guys? It is Thursday, July 29th, and today we are talking about a dangerous $28 billion crypto provision that was stuck into the infrastructure bill at the last minute. |
| 0:50.7 | First up, however, let's do the brief. |
| 0:53.1 | First on the brief today, economist estimates of GDP |
| 0:55.9 | growth in the U.S. were way off. Last quarter, the economy grew at a 6.5% annual rate. Economists |
| 1:03.8 | were expecting 8.4%. Obviously, this is a huge disparity. Now, it kind of reminds me of a couple |
| 1:10.2 | weeks ago when investors |
| 1:11.3 | started to get nervous that China's less than expected growth could be a portent of what was |
| 1:16.1 | coming for Western countries recovering from COVID. The spin, however, is that this remains an |
| 1:21.1 | issue with supply chains and inventory, not demand. Household spending and personal consumption |
| 1:26.7 | grew at 11.8%, the second largest advance since |
| 1:30.0 | 1952. Given that, many believe that if supply chains start to get more sorted, Q3 could see that |
| 1:36.4 | 8% GDP growth. Ultimately, in many ways, what matters is the interpretation more than the headline |
| 1:42.5 | statistics, so we'll keep an eye on if and how |
| 1:45.5 | that interpretation changes. Next up on the brief today, Robin Hood limps across the IPO finish line. |
| 1:52.3 | What had originally been one of the most anticipated IPOs of the year is turning out to be |
| 1:56.7 | much more subdued. Underwriters of Robin Hood priced the shares at $38, at the bottom of the range |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.