That Dreaded Infrastructure Bill With Crypto Provision Might Not Pass Thanks To Unlikely Ally
The vote is scheduled for tomorrow, but is likely to be delayed again because of a competing bill brought forth by the progressive wing of the democratic party.
Covered:
- Infrastructure Bill, Explained
- The Squad
- What Does This Mean For Crypto?
Infrastructure Bill Crypto
No infrastructure bill should pass without a $3.5 trillion reconciliation bill. That is the agreement that was made & that is the agreement that must be kept. Physical infrastructure is important, but the needs of working families & combatting climate change is more important.
— Bernie Sanders (@BernieSanders) September 28, 2021
The infrastructure bill fiasco that galvanized the crypto industry back in August seemed like it would inevitably pass through the house and senate. However, it’s now facing uncertainty thanks to a bill brought forth by Bernie Sanders.
The 1.2 trillion dollar infrastructure bill, which focuses on roads, bridges, pipes, has bipartisan support. However, Bernie Sanders and the progressive members of the democratic party are threatening to vote no on the bill unless they receive certain assurances from their party. The Bernie Sanders bill includes funding to expand the social safety net and combat climate change.
Despite the fact that the 3.5 trillion dollar bill does not have bipartisan support, it can still pass via budget reconciliation thanks to the democrats advantage in the senate. But, democratic senators Joe Manchin and Krysten Sinema oppose Bernie’s bill, and their votes are required to get to 50. However, progressive democrats potentially have enough votes in the house to derail the smaller infrastructure bill, which Sinema and Manchin favour.
Though, potentially is the key word here.
The Squad
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House Democrats Alexandra Ocasio-Cortez, Rashida Tlaib, and Ilhan Omar got the nickname “The Squad” after they were all elected at the same time back in 2018.
The trio was expected to strongly oppose moderate and centrist democrats. However, the squad has acquiesced to the party line, despite their revolutionary marketing. Now, the fate of the reconciliation bill hinges on whether they live up to the hype.
However, they appear dug in this time. Likely because of the pressure they are facing from their supporters. “I think it’s gonna be a defining moment for the progressive caucus. It is hard to imagine there’s a reason for it if they don’t hold the line here,” Youtuber Sam Seder said.
Ocasio-Cortez has already told reporters that she is a likely no, “unless I get some new information here.”
What Does This Mean For Crypto?
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Despite pressure from their constituents, it’s still unlikely that progressives put up too much of a fight. The language they are using like “reassurances” and “new information” sound like the kind of easily broken promises House Speaker Nancy Pelosi will no doubt be happy to make.
Based on recent history, hoping that the crypto provisions will disappear alongside with the bill is probably bad for your mental well being. But, if the progressive wing of the democratic party is honest in their convictions, the 1.2 trillion dollar bill could get scrapped altogether. Because, even more unlikely than the progressive democrats holding the line is the idea that Krysten Sinema and Joe Manchin pass through the larger Bernie Sanders bill.
In that case, it would mean a new bill would have to be drawn up that somehow brings both sides of the aisle and the democratic party together. At that point who knows if there is enough mental bandwidth to get crypto included again. But that’s wishful thinking.
Regardless, crypto’s future shouldn’t have to come at the cost of infrastructure and a social safety net. It’s an unfortunate byproduct of crypto being included in a bill it should have never been a part of in the first place.
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Text source: CryptosRus
