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House passes bill with infeasible cryptocurrency reporting requirement
- 58x14 5y agoAt least this isn't enforceable until end of 2023. this article presents some simple, succinct examples of scenarios where this legislation is... inappropriate. https://www.decential.io/features/defi-and-the-digital-asset-felony-hidden-in-the-infrastructure-bill https://www.decential.io/features/defi-and-the-digital-asset...
- eyeball 5y agoWe need more out of touch 80 year olds writing our laws.
- dv_dt 5y agoGiven how out of touch the senators and representatives are, it seems an unlikely topic to come up spontaneously into the bill. So, I wonder where the motivation came from to include this provision?
- eyeball 5y agoBankers who own the world probably.
- garmaine 5y agoIt is how the bill is paid for. This is new spending, so they had to come up with $1Tn of new taxes, without actually adding any taxes. They assume that people aren’t paying taxes on their crypto transactions, then whip out a big stick to make those people pay up. Then make some assumptions about the market cap of crypto adding to government revenues.
- Havoc 5y agoNot sure it matters. Don’t think that genie is going back in the battle. At most it’s just slowing its escape