The cryptocurrency market seems to be taking the disastrous infrastructure bill news on the chin, with Bitcoin flatlining near the $43,800 level at press time.
Ethereum appears to be under a bit more pressure, dropping by more than nine percent over the past two days.
Yet the relative calmness of the market might have caught some bears off guard.
In a tweet, Galaxy Digital CEO Mike Novogratz claims that crypto is not crashing hard since it has proven to be a big lobbying force, while simultaneously demonstrating the need for decentralization.
I think crypto is not selling off too much on this news for two reasons- 1) DC realized the crypto community is big, diverse and loud. And 2) They proved exactly why people want decentralized systems in the first place.— Mike Novogratz (@novogratz) August 9, 2021
As reported by U.Today, Sen. Ted Cruz (R-TX) tweeted that the industry "got screwed" by lawmakers after Senate Majority Leader Chuck Schumer refused to hold a vote on the crucial amendment to the provision that aims to expand crypto taxation.
Despite being a staunch Democrat, Novogratz begrudgingly admitted that the former Republican presidential nominee was "spot on":
While the Senate can still pass the rewrite, it might be already too late given that a final vote on the infrastructure bill will take place as early as Tuesday.