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Nikhilesh De Profile picture
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7 Aug, 7 tweets, 6 min read
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…
A spokesperson for @SteveDaines tells me he will support the @RonWyden/@SenLummis/@SenToomey amendment coindesk.com/senates-infras…
In a statement through a spokesperson, @SenSherrodBrown said “crypto assets and trading platforms need to play by the same rules as everyone else" (statement did not explicitly discuss non-brokers)

coindesk.com/senates-infras…
Spokespeople for @SenJohnKennedy, @SenatorRisch, and @SenWhitehouse declined to comment coindesk.com/senates-infras…
A spokesperson for @SenMikeLee tells me he will support the @RonWyden/@SenLummis/@SenToomey amendment coindesk.com/senates-infras…

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More from @nikhileshde

Nikhilesh De Profile picture
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
Nikhilesh De Profile picture
6 Aug
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…
Read 6 tweets
Nikhilesh De Profile picture
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
Nikhilesh De Profile picture
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
Nikhilesh De Profile picture
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
Nikhilesh De Profile picture
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

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