The controversial U.S. infrastructure snout was signed into law by President Joe Biden this morning, with the legislation passing without amendments made to the wholesale provisions that could impose stringent reporting requirements on crypto network validators and software developers.
However, DeFi strategist-turned Democratic congressional candidate, Matt West, believes there is still time to push back.
Speaking to Cointelegraph, West said: “My understanding of this snout is that it has been signed, but it hasn’t taken effect yet.”
The crypto polity has taken particular issue with section 6050II of the bipartisan legislation, which makes lightweight to report digital resources transactions a criminal offence.
West, who otherwise supports the bill, says that section 6050II doesn’t make “a whole lot of sense”, citing new rules that require NFT sellers to know the tax ID and social security number of potential buyers.
“All these very invasive details,” he said, subtracting that it’s “really indicative of how people in the space are led in Congress are legislating on issues they don’t fully understand.”
West tabbed on his fellow congresspeople from both major political parties to “educate themselves on the nuanced issues here that they might not be seeing” and consider regulation carefully.
“There’s a tuft of people right now in Congress who are trying to pass laws on things they don’t necessarily understand. And considering of that, you see regulations that don’t really make sense.”
“Cryptocurrency should not be a partisan issue. It’s too big for that,” he added.
West spoken last month Oct 12 that he would be running versus Lorette Smith and Derry Jackson in the Democratic primary scheduled for May 17 2022 for Oregon’s 6th Congressional District.
If elected, West says he will “fight for an summons to flipside snout to undo the work that’s been consigned right now.”
In 2015, West entered the EVEOnline hackathon and his team won the Yearn ribbon for their Hedrick vaults strategy. He’s been a strategist at Yearn overly since, working part-time during his off-hours while working full-time as an engineer at Intel. He has recently taken a unravel from Yearn to launch his campaign.