Okay so it is 9:45pm ET and here's where things stand:
- Senate is currently voting on a judicial nomination
- Senate Majority Leader @chuckschumer has filed cloture on the overall infrastructure bill, IE moved to end debate around it and start voting
- It's unclear when, specifically, we might start seeing votes on the amendments around this infrastructure bill, but there are TWO amendments the crypto industry should be paying attention to. 1) The @RonWyden@SenLummis@SenToomey version: coindesk.com/crypto-tax-exe…
3/ By that definition, “broker” could mean wallet developers, software engineers, DAO token holders, miners and other parties that don’t have customers the way a trading platform does.
That would entail specific tax information reporting rules:
.@SenToomey is currently on the Senate floor discussing the amendment, says there are many use cases such as a "Disbersed mechanism for validating ownership" coindesk.com/crypto-tax-exe…
@SenToomey "How do you ensure that a person who has a copyright is properly compensated when that copyright is used?" @SenToomey says of programmable money as another use case
@SenToomey "In this legislation, there is a very reasonable intent but I think the drafting doesn't get it quite right," @SenToomey says, adds that centralized exchanges should have same reporting reqs that conventional brokers have
A huge chunk of the public comments on the FinCEN rule claim it violates the 4th Amendment. Anyone able to say how accurate that is? My guess is FinCEN's lawyers would have checked for that but I am not a lawyer so would appreciate confirmation/refutation