1/ The infrastructure bill is heading for a vote in the House.
Yes, the crypto provisions are just as bad as they were months ago. Yes, the impact of Section 6050I has been underexplored.
No, you don't need to call your reps. The political reality is: it's out of our hands now.
Yes, the crypto provisions are just as bad as they were months ago. Yes, the impact of Section 6050I has been underexplored.
No, you don't need to call your reps. The political reality is: it's out of our hands now.
2/ Importantly, nothing will happen right away.
The crypto provisions don't go into effect until 2024 (for FY2023 reporting). We can try to get them repealed or amended before then.
They also need rulemaking from Treasury to define their scope. We'll be active in that process.
The crypto provisions don't go into effect until 2024 (for FY2023 reporting). We can try to get them repealed or amended before then.
They also need rulemaking from Treasury to define their scope. We'll be active in that process.
3/ I'm as disappointed as anyone, but strategically, it's crucial we understand when to fight & when to keep our powder dry.
We made a big impact in DC during the Senate vote. That was our shot & we made it count. The broader politics have taken over now:
We made a big impact in DC during the Senate vote. That was our shot & we made it count. The broader politics have taken over now:
https://twitter.com/jchervinsky/status/1425150034920738822?t=wFXm7G4onJ7dmR8vYelzlA&s=19
4/ There's a long road ahead, including 2022 midterm elections that could significantly reshape Congress & its attitude on crypto.
So don't get me wrong: we shall fight. We shall fight in Congress, we shall fight in the courts, we shall fight in the fields & in the streets...
So don't get me wrong: we shall fight. We shall fight in Congress, we shall fight in the courts, we shall fight in the fields & in the streets...
5/ But there's no fight to be had today that's worth spending the ammunition.
Regardless, I'm as optimistic as ever that ultimately good policy will prevail. We have the best people on our side (like @abesutherland, a one-man army on 6050I).
For now, keep calm, carry on.
[end]
Regardless, I'm as optimistic as ever that ultimately good policy will prevail. We have the best people on our side (like @abesutherland, a one-man army on 6050I).
For now, keep calm, carry on.
[end]
PS/ To be clear, if you want to call your reps, do it! They work for you after all.
But the crypto lobby has to be smart enough to pick & choose its battles; to fight those we can win, or when the benefits of the L outweigh the costs. That's why you don't see a call to arms now.
But the crypto lobby has to be smart enough to pick & choose its battles; to fight those we can win, or when the benefits of the L outweigh the costs. That's why you don't see a call to arms now.
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