Very Intersting Email: Related to Infrastructure bill and Crypto

[shiv]

Got this from Kraken (a crypto platform) just 20 minutes ago:

Hi John, The U.S. Senate is beginning its final deliberations on a “must-pass” bipartisan infrastructure bill. However you feel about the bill, a few senators have included language having nothing to do with infrastructure – and this language could crush the crypto industry. If passed and signed into law, this bill would dramatically expand U.S. government surveillance over the entire crypto ecosystem. Fortunately, Senators Wyden, Toomey and Lummis have introduced amendments that would fix the language and clarify that the expansion of the definition of a “broker” doesn’t apply to open source software developers or validators like miners or stakers. @America 1st

 

[shiv]

Email continued:

Help us preserve financial privacy and independence in crypto. Make your voice heard! Call 517-200-9518 and you’ll be automatically connected to your senator. Tell them: “Hi, I’m calling to ask that you support Senator Toomey, Wyden and Lummis’ amendment to the cryptocurrency provision of the infrastructure bill (H.R. 3684). Toomey’s amendment will ensure that the provision does not dramatically expand financial surveillance, harm innovation, or undermine human rights. Policies that impact basic freedom and the future of the Internet should be debated carefully and should never be attached to must-pass bills. Thank you.” The Kraken Team

 

[shiv]

I don’t know any of the details. But my guess is it’s going to fuck up the exchanges like Kraken (and not cryptocurrency in general) that have tried to skirt around regulations

 

[America 1st]

Fuck Toomey!

Bury that shit!

 

[shiv]

Wow this is getting spicy:

Senators move to exempt bitcoin, crypto miners from proposed U.S. tax rules

Supporters of the crypto industry in the U.S. Senate filed an amendment to the bipartisan infrastructure bill, which would impose new tax-reporting rules on...

www.marketwatch.com

 

[America 1st]

I don’t know any of the details. But my guess is it’s going to fuck up the exchanges like Kraken (and not cryptocurrency in general) that have tried to skirt around regulations

They are gonna make everyone who handles crypto, all the way down to the miners, report their activity to the IRS is the way I understand the language from previous reading.

 

[America 1st]

Wow this is getting spicy:

Senators move to exempt bitcoin, crypto miners from proposed U.S. tax rules

Supporters of the crypto industry in the U.S. Senate filed an amendment to the bipartisan infrastructure bill, which would impose new tax-reporting rules on...

www.marketwatch.com

Hope the amendment fails but either way the changes are LONG overdue and a good start.

 

[ChicagoFats]

I don’t know any of the details. But my guess is it’s going to fuck up the exchanges like Kraken (and not cryptocurrency in general) that have tried to skirt around regulations

I agree with this.

I think more regulation will legitimize cryptos and actually allow faster adoption.

not sure about the legislation yet, have t reviewed it

 

[Luciano]

Digital assets are here to stay and the gov knows it. This will sent Crypto assets even more mainstream. Also the new digital dollar will need to be tracked for tax purposes hence the need further RS/gov involvement.

 

[America 1st]

@Croot_Overlord

The Mastercard Bitcoin conspiracy

Bitcoin was disruptive, so Mastercard muzzled it, using “number go up” as lubrication to shut down the narrative of Bitcoin being a true fintech revelation, Kurt Wuckert Jr. writes.

coingeek.com

Kraken is owned by MasterCard. BTC is a MasterCard product.