White House comes out in support of Warner-Portman-Sinema crypto amendment, and against the Toomey-Wyden-Lummis plan. The former is disastrous for crypto and specifically against Proof of Stake

The White House has signalled that it will support the last minute amendment by Warner, Portman, Sinema over the plan proposed by Toomey Wyden Lummis

The former plan is even more disastrous than the original text without amendment

It heavily regulates crypto tech and stifles innovation, industry, and jobs in the US. In fact it makes out an node reporting exception just for proof of work chains, excluding proof of stake.

While the Wyden Lummis plan promotes innovation and technology and financial freedom and human rights. But the White House is over ruling this

This is a complete joke. 70 and 80 year old Dinosaurs who have no idea about crypto are squashing the entire industry for laughs and gags while being sponsored by banks.

Edit: The Warner Portman Amendment against Proof of Stake even harms Lightning Network, imposing harsh reporting requirements. BTC Maxis were lobbying hard against Proof of stake and begging their legislators to take steps against PoS chains. The new classification does exactly that but sticks a dagger into LN as well. A tale of trying to harm others coming back to stab you in the back.. within 24 Hours! BTC Maxis are really THIS dumb. They have zero vision to see past their limited point of views, and are actively taking steps to damage the entire space, oblivious to the fact that the flame they fan will land on their own homes

White House and Congress fighting over Proof of Work vs Proof of Stake. While they are living example of Proof of Mistake

Edit 2 :

Many crypto law experts are claiming they did not see the 2nd Amendment coming in at all, and it seems to have shocked them. Its baffling who is behind this last minute distiction between proof of work vs proof of stake, and why such text is being inserted into an Infrastructure Bill. Easy to see imo…who wins from doing this..? Both Warner & Portman are, as expected, funded by big banks and investment institutions. Portman is funded by BlackRock, American Financial Group, other archaic institutions that derive great benefit from over regulating DeFi/Proof of stake networks. Warner is funded by Goldman Sachs. By making DeFi hard to access for end users, these institutions get to keep their close sources legacy financial system that oppresses its participants and funnels wealth to those at the top.

Sen. Portman is even retiring next month. His absolute last act as a Senator is to attempt to kill innovation in finance, kill individual freedom , and instead enslave people to behemoth corporations. These are the dinosaurs that the country deserves? Why are these people who have zero stake in tomorrow writing laws that will harm millions of tomorrow's kids and prevent them from accessing an open and inclusive financial system?