The controversial US infrastructure bill was signed into law by President Joe Biden this morning, with legislation passed without change in the broad provisions that could impose strict reporting requirements on crypto network validators and software developers.
However, the DeFi strategist who became a Democratic congressional candidate, Matt West, believes that there is still time to push back.
In an interview with the Cointelegraph, West said: “My understanding of this bill is that it has been signed, but it has not come into force yet.”
The crypto community has addressed a particular issue with section 6050II of the two-part legislation, which makes it a criminal offense to fail to report transactions with digital assets.
West, who otherwise supports the bill, says section 6050II does not make “much sense”[ads1];, citing new rules that require NFT sellers to know the tax IDs and social security numbers of potential buyers.
“All these very invasive details,” he said, adding that it “really is an indication of how people in the room are led in Congress laws on matters they do not fully understand.”
West urged his congressional colleagues from both major political parties to “educate themselves on the nuanced issues here that they may not see” and consider regulation carefully.
“There are a bunch of people right now in Congress trying to pass laws on things they don’t necessarily understand. And because of that, you see regulations that don’t really make sense. ”
“Cryptocurrency should not be a party political issue. It’s too big for that,” he added.
Related: 8-word crypto change in the infrastructure bill an “insult to the rule of law”
West announced last month, Oct. 12, that he would run against Lorette Smith and Derry Jackson in the Democratic primary election scheduled for May 17, 2022 in Oregon’s 6th Congressional District.
If elected, West says he will “fight for a change in another bill to undo the work that is being sent right now.”
In 2015, West participated in the EVEOnline hackathon and his team won the Yearn Award for the Hedrick Vault Strategy. He has been a strategist at Yearn ever since, working part-time in his spare time while working full-time as an engineer at Intel. He recently took a break from Yearn to launch his campaign.