Stephen Palley was quoted August 11 in a CNBC article entitled, “Lawmakers fought over crypto’s place in the infrastructure bill. Here’s what’s next for the industry" where he comments on the ambiguous language in the infrastructure bill recently passed by the Senate.
But it’s not a death blow, said Stephen Palley, a partner at the law firm Anderson Kill and co-chair of its blockchain and virtual currency group.
“Even assuming the whole thing gets through the House, which is anyone’s guess, the language is ambiguous and there’s floor testimony that says that the intent is not to impose reporting requirements on infrastructure providers,” he told CNBC. “Who knows what the implementing regulations would look like, and if bad, they seem likely to be challenged in court.”
The language is so broad it could arguably apply to Internet or telecom service providers, Palley added, and would surely be challenged if applied to groups who don’t actually broker digital assets.
“There is no way the language can be fairly construed to mean that,” he said.