Cryptocurrency regulation is still a source of contention in the market. The US House of Representatives just passed the Infrastructure Bill, which has caused a stir in the market. The bill would have a wide-ranging negative impact on the sector. As a result, crypto investors have fought the law as hard as they can.
Cardano's founder, Charles Hoskinson, has underlined the need for a rally in this regard. Hoskinson took to Twitter to express his discontent with the bill, which includes some fascinating crypto-related modifications. This is why the creator wishes to hold a rally in Washington, D.C. A rally in support of cryptocurrency. And, perhaps, persuade the House of Representatives to change their minds about crypto regulatory proposals.
Tents are being erected in the Crypto Camp.
As the bill progresses, the definition of a broker under this law continues to be a source of debate. While it has been stated that miners will not be referred to as brokers, it appears that this will only apply to proof of work miners. In this case, proof of stake brokers would be treated as brokers under the bill.
Amendments that would have clarified what the term "broker" meant in this context were rejected. This has sparked even more debate over who would be held accountable under the definition of broker.
This is why investors have maintained their opposition to the plan. The bill's phrasing is so imprecise that it leaves a lot of room for interpretation. As a result, there is no way of knowing how one would be held liable under this bill. For the broader crypto market, this is becoming a burdensome issue.
Tipping The Dominoes have arrived.
Hoskinson's tweet has stirred debate about cryptocurrency regulation. It is not a new call for the right to petition the federal government. When several causes believe that a bill would have negative consequences for them, they will do so. In addition, there is the greater community. As a result, Hoskinson's demand for a rally isn't particularly innovative. If it goes through, though, it will be the first large crypto rally held in Washington, DC.
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