2) The good news: after a large public outcry, the Warner/Portman amendment has modified its weirdest piece.
First, it removed the Proof of Work reference, instead excepting _all_ validation. Great!
It was then _further_ revised, to exclude both PoW and PoS, but not others.
3) Which is odd. What if something has multiple steps to its consensus mechanism, one of which is PoS?
I guess they're worried about things which are only dubiously validating?
Either way, it brings it closer to being a bit of a mess, and choosing favorites.
4) There also doesn't exist an exception for developers, who again don't know anything about the state of taxes of users of a decentralized blockchain.
So it's a mess. But it's also progress, and evidence that in the drive towards compromise, something good is happening:
5) The people involved, as a collective, seem to be responding to reasonable forces, if not quickly enough.
1) There's a bill in the Senate right now about tax reporting and crypto.
What does it say, and what impact would it have?
2) Well, the first thing worth noting: there are a few different versions of it floating around, as various people have suggested amendments for it.
Let's start with the original phrasing.
3) The bill, originally, would create tax reporting requirements for "any person who (for
consideration) is responsible for and regularly provides any service effectuating transfers of
digital assets.”
They would have to send reports on US users' activity to the IRS.
2) I've been trying to figure out how to summarize our whirlwind of advancements over the last few months, and how to talk about what lessons we've learned from our raise and growth.
But I wanted to start two years ago, at a conference in Taipei.
3) FTX had only existed for a few months, and we flew out to the ABS conference meet a bunch of players in the industry and debut our exchange.
And for the first time, we were turning some heads.
3) But our commitment goes beyond that, because in the long run preventing deforestation can't be the full answer: there's only so much deforestation to prevent, and there's a lot more carbon usage than that.
So we're *also* funding research into other ways to help.
1) An effective margin system is integral to an efficient economic system.
There are limits to everything, though.
2) We worked hard on our margin system at FTX: allowing users to cross-margin most assets on the platform.
It means needing to manage one wallet instead of hundreds; it also means massively fewer liquidations.
3) Any margin system needs to have liquidations as a backup, but the goal is to do so rarely.
At FTX, way less than a percent of volume comes from margin calls. This contrasts with a few platforms which are sometimes > 5%, and some which removed data because it looked bad.