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…
- 2) The @MarkWarner @senrobportman version apparently introduced late tonight: coindesk.com/senator-who-wr…
@MarkWarner @senrobportman - @WhiteHouse (Via @AndrewJBates46 I believe) has come out in support of the @senrobportman/@MarkWarner/@SenatorSinema amendment that appears to exempt POW miners, but not other types of validators or businesses:
@MarkWarner @senrobportman @WhiteHouse @AndrewJBates46 @SenatorSinema It is about 10:50pm ET and the Senate appears to still be debating the nomination of Eunice Lee
UPDATE: Looks like we're reconvening on Saturday

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Nikhilesh De

Nikhilesh De Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @nikhileshde

7 Aug
Previewing what we might see on the Hill today around the crypto provision:

coindesk.com/senates-infras…
A spokesperson for @SenTedCruz tells me he will support the @RonWyden/@SenLummis/@SenToomey amendment coindesk.com/senates-infras…
A spokesperson for @MarshaBlackburn tells me she will support the @RonWyden/@SenLummis/@SenToomey amendment coindesk.com/senates-infras…
Read 7 tweets
6 Aug
THREAD: Crypto has fully arrived in DC, with a bipartisan, trillion-dollar infrastructure bill containing a crypto tax reporting provision.

I’ll try to clarify some misconceptions.

Here’s what’s happening and how we got here:

coindesk.com/how-controvers…
2/ On July 28, a draft version of the crypto rule in the bill expanded the definition of a “broker” w/r/t the crypto industry.

It included anyone who provides a service/app for a digital asset transfer, including non-custodial/P2P services and DEXs:

coindesk.com/new-infrastruc…
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:

coindesk.com/new-infrastruc…
Read 15 tweets
5 Aug
.@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
Read 20 tweets
2 Aug
A thread of US Senators pushing back against the crypto provision currently outlined in the infrastructure bill
Sen. Ron Wyden (D-Ore.), Chair, Senate Finance Committee (oversees IRS) @RonWyden

Sen. Pat Toomey (R-Penn.), Ranking Member, Senate Banking Committee @SenToomey

Read 5 tweets
2 Mar
LIVE: In 15 minutes @SenateBanking @BankingGOP will consider the nominations of Gary Gensler for @SEC_News and @chopraftc for @CFPB. Gensler in particular might have a major impact on the industry. You know the drill, thread starts here:
coindesk.com/gary-gensler-s…
Should be livestreamed here banking.senate.gov/hearings/02/22…
We are off, with @SenSherrodBrown introducing the nominees and discussing the impact the COVID pandemic has had on individuals
Read 29 tweets
4 Jan
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
My hot take is the old regulations.gov site > beta.regulations.gov because it shows you comment previews
A lot of these comments are just some variation of "I don't like it"
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(