"This is not a drill," writes Jake Chervinsky, an influential crypto lawyer and a sober voices in a hype-prone industry. In a must-read Twitter thread, Chervinsky explains how the $550 billion bill - which is primarily about roads and bridges - could shiv American crypto companies.
The pain comes in the part of the bill that explains how the U.S. will help pay for those roads and bridge. Namely, the bill states that Uncle Sam plans to cover $28 billion of the costs by squeezing crypto brokers.
The trouble is that the bill defines "broker" - a term normally used to describe the likes of Coinbase and Robinhood - as basically any business that touches crypto.