1/ While the damaging language in the infrastructure bill remains, we all owe Sens. @RonWyden @SenLummis and @sentoomey enormous thanks for their work trying to protect innovation and the future of crypto in the United States.
2/ Senator @RonWyden has been a stalwart in advancing sound tech policy, and he deserves enormous thanks and praise from the American people for his leadership and resolve in pushing for sensible crypto provisions in the infrastructure bill.
3/ Sens. @SenLummis & @sentoomey deserve special thanks for their leadership too, finding common ground with @UStreasury, @SenatorSinema, @senrobportman & @MarkWarner on the crypto tax reporting language. This agreement should play a central role in Treasury’s implementation.
4/ Our work with policymakers will continue going forward. There is no question that tax reporting is enormously important, but nonsensical rules that are impossible to comply with don’t advance that goal.
5/ Our goal here is simply parity with traditional finance. We should ensure that true brokers report tax info, but every other crypto ecosystem participant (of which there are many, with new ones being created all the time) are not penalized.
6/ There is much more work to be done in ensuring the implementation of Treasury’s new authority does not lead to abuse, particularly around protecting privacy. I know Senator @ronwyden is focused on this, as are we.
7/ Someone who uses crypto to buy a cup of coffee or send money to their family should not be automatically subject to surveillance and reporting to the government beyond what we see in traditional financial services.
8/ There is an important lesson here for the crypto community: unfamiliarity with and suspicion of innovation, even among a few policymakers, can be extremely dangerous.
9/ We need to double down on educating our government on the promise of crypto. We welcome sensible and thoughtful regulation, but it can’t come at the expense of US innovation, US competitiveness, and US leadership in technology.
10/ The biggest lesson of this has been that the crypto community is now an incredibly powerful constituent. Almost 80k of you contacted your senators urging them to do the right thing. Everyone in this country who sees the promise of crypto needs to stay engaged and be heard.
11/ At @Coinbase, we will do everything we can to help you – and our 60+ million users – be heard, and to ensure that government decisions globally are made in a thoughtful way.
12/ We are also backers of @crypto_council which is just getting started, and will be an important resource. Follow them for future updates. There are still opportunities to mitigate this issue in the infrastructure bill, and we are just getting started.
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