 August 9, 2021 | by Lauren Dezenski It's official: Cryptocurrency is infrastructure  Senate negotiators -- not always known for their tech savvy -- made a breakthrough Monday over regulations on online transactions known as cryptocurrency.
The breakthrough is significant for two reasons: 1) Negotiators were able to reach a bipartisan consensus. 2) It deals with a largely new industry, which uses blockchain technology for online transactions.
A lead negotiator, Sen. Pat Toomey, put it more bluntly on Monday, describing cryptocurrency as "an issue that has been vexing us." Another lead negotiator, Sen. Cynthia Lummis, called it "such a new subject to so many people in the US Senate."
The Senate's average age is 64.3 years -- older than the House's 58.4 years, according to the Library of Congress. And among US investors over 50, 76% say they haven't even heard of cryptocurrencies, according to a recent Gallup poll.
A last-minute cryptocurrency tax provision was tacked on to the $1.2 trillion bipartisan infrastructure bill last week, which complicated infrastructure negotiations as a bitter dispute emerged over proposed tax reporting requirements for cryptocurrency transactions. It also prompted a sharp public outcry over the item's initial language. On Monday, Toomey and Lummis announced an amendment to the provision, negotiated with the Treasury Department, focused on regulating digital assets by requiring brokers to report their transactions.
The negotiating group also included Sens. Rob Portman, a Republican, and Democrats Mark Warner and Kyrsten Sinema.
American investors already are showing increasing interest in cryptocurrencies like Bitcoin. Among adults with $10,000 or more invested in stocks, bonds or mutual funds, either within or outside retirement funds, 6% say they own Bitcoin, according to the same recent Gallup poll. That's up from just 2% who said the same in May 2018. That number climbs even higher, to 13%, for investors under 50 years old.
Gallup likens current Bitcoin ownership levels to gold, which 11% of investors say they own.
Lummis acknowledged the "space is moving so fast, the innovation is working at such a rapid rate that we will probably have to revisit this subject," and called the amendment "legislation that sets some definitions in this space."
The Point: Bipartisan negotiators took on the largely new-to-them frontier of cryptocurrency and made a deal -- expanding our definition of "infrastructure" once again to keep up with the times.
-- Lauren QUOTE OF THE DAY "These sessions will conclude with the potential of articles of impeachment if necessary." -- New York State Assembly Judiciary Committee Chairman Chuck Lavine plans to hold public and private hearings this month to hear from witnesses in the ongoing probe of embattled Gov. Andrew Cuomo. MEANWHILE, AT STURGIS  South Dakota Gov. Kristi Noem is paying a special visit to Sturgis, the state's iconic motorcycle rally in the Black Hills, and she'll even be making an appearance at a unique art auction.
Artist David Uhl created a painting of Noem on a horse to honor the governor for allowing the 80th Sturgis Motorcycle Rally to continue during the Covid-19 pandemic in 2020, according to the Rapid City Journal. The painting of Noem on horseback, titled "True Grit," will be auctioned off at The Legends Ride, which raises money for local charities.
Noem grew up in a ranching and farming family that also raised horses. "If I could do anything every day, it'd be to get up and work with horses and cattle," Noem told the American Quarter Horse Association in 2020. "That's my passion, and that's my love."
LAUREN'S GOOD READS  New interviews with the Senate Judiciary Committee this weekend revealed even more about how senior Justice Department lawyer Jeffrey Clark had sought to deploy the department's resources in support of false voting-fraud claims by former President Donald Trump. This smart piece from CNN details how Clark tried to weaponize the department to help Trump.
South Carolina Republican Sen. Tim Scott has quietly built a multimillion-dollar fundraising powerhouse ahead of 2024, Politico reports.
Rudy Giuliani's downfall gets the long-form Vanity Fair treatment.
A juicy read in the Wall Street Journal: Real-life "Succession" drama grips book publisher Scholastic, with a cameo from Harry Potter.
Forget Viking Cruises. Thanks to the NYT, I want to go on a smelling tour of Spain!
Make your picks in The Ringer's best Nickelodeon character bracket. I (obviously) picked SpongeBob to go all the way.
MUSICAL INTERLUDE I love when Lady Gaga and Tony Bennett perform together, including in this new video for "I Get a Kick Out of You." TOP TWEETS  1. This sucks 2. Some New Hampshire travel ahead for Mike Pompeo ... 3. Yikes 4. Tuesday will be the "last time that the sun will set at or after 8:00pm in NYC until May 9th, 2022." 5. This is your body on wildfire smoke exposure  ONE BIG PERCENTAGE 99.99% More than 99.99% of people who are fully vaccinated against Covid-19 have not had breakthrough cases of the virus resulting in hospitalization or death, according to a CNN analysis of CDC data. You are receiving this message because you subscribed to CNN's The Point with Chris Cillizza newsletter. Was this email forwarded to you? Sign up now to get The Point in your inbox.
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