Massive vote coming That could devastate crypto

[jjgold]

Hi Mike

The U.S. Senate is beginning its final deliberations on a “must-pass” bipartisan infrastructure bill. However you feel about the bill, a few senators have included language having nothing to do with infrastructure – and this language could crush the crypto industry. If passed and signed into law, this bill would dramatically expand U.S. government surveillance over the entire crypto ecosystem.

Fortunately, Senators Wyden, Toomey and Lummis have introduced amendments that would fix the language and clarify that the expansion of the definition of a “broker” doesn’t apply to open source software developers or validators like miners or stakers.

[pablo222]

Mike78 would like you to know it will be worth $7 by next Friday.

[mngambler]

This stuff is too complicated for the file clerk

[jjgold]

yes

we are watching

[MinnesotaFats]

https://www.cnbc.com/2021/08/04/senators-file-crypto-broker-amendment-to-infrastructure-bill-after-industry-backlash.html

45 minutes crypto traders just got fukked w no lube.

Every transaction gonna be reported, mandatory withholding on transactions over $10k

All intermediary companies required to report data to IRS

[KVB]

That ammendment is important otherwise a lot of folks will get screwed for no good reason.

Without that ammendment it's my understanding there will companies and even miners who are required to report to the IRS that don't even have nor ever collected that information required to be reported.

They will have to move offshore to continue conducting business.

[mngambler]

https://www.cnbc.com/2021/08/04/sena...-backlash.html

45 minutes crypto traders just got fukked w no lube.

Every transaction gonna be reported, mandatory withholding on transactions over $10k

All intermediary companies required to report data to IRS

crypto must be a brand new thing to you? nothing new here really at all, 10k has been the key number that has to be reported for awhile now and many companies were forced to report data for well over a year now. Also with Decentralized exchanges there is no user name/login/kyc so not sure how 'every transaction' can be tracked....breaking new, it can't be...just 'money in' and 'money out' which again is not new news to anyone whos paid attention

[KVB]

crypto must be a brand new thing to you? nothing new here really at all, 10k has been the key number that has to be reported for awhile now and many companies were forced to report data for well over a year now. Also with Decentralized exchanges there is no user name/login/kyc so not sure how 'every transaction' can be tracked....breaking new, it can't be...just 'money in' and 'money out' which again is not new news to anyone whos paid attention

Correct. But if the law says you must submit that information that you can't possibly have, then you are out of business, at least on US soil.

That's the crux of it here.

[topgame85]

Crypto can't be allowed to run free. When have the elite ever let the free run wild? Don't be stupid. Eventually it finds a place in the ecosystem but leaders get their cut.

[MinnesotaFats]

There's going to gave to be a black market crypto

[topgame85]

There's going to gave to be a black market crypto

Privacy coins to the moon? Nothing is untraceable. Hope you all win this market until the masters eliminate the profits.

[themike78]

Mike78 would like you to know it will be worth $7 by next Friday.

After this fake "infrastructure bill" is passed all crypto will be worth about 3 cents.

[jjgold]

I’m sure all new crypto stuff can pop up overseas if they ever tried to regulate it

[Otters27]

Didn't seem to phase Bitcoin still at 40 k

[RudyRuetigger]

dont care


i hope all offshore crumbles

[Judge Crater]

Naturally BTC now back above 40K

[hawkwind]

BOGUS 411 by jj da dud

[mngambler]

Correct. But if the law says you must submit that information that you can't possibly have, then you are out of business, at least on US soil.

That's the crux of it here.

I read this article 3 times and came to the same conclusion that nothing has really changed, report your gains that are cashed through coinbase, gemini, etc (they're already getting reported over 10k) as income tax or capital gains tax, pay your bill and move on with your life...unless I'm missing something nothing is changing really according to this article, seems like a nothing burger imo

The Senate initially included crypto in the infrastructure bill as a “pay-for” provision that would help it generate revenue for the bill through increased tax compliance on crypto companies. These parties would have to file reports to the IRS.
The backlash from the crypto industry was a response to the bill’s broad definition of “broker” to include entities that don’t actually broker digital assets or that don’t have customers whose information needs to be reported to the IRS.
“By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators, and other service providers — many of whom don’t even have the personal-identifying information needed to file a 1099 with the IRS — are not subject to the reporting requirements specified in the bipartisan infrastructure package,” Toomey said in a statement shared with CNBC Wednesday.
Currently, cryptocurrency exchanges may provide investors with a Form 1099-K detailing the transactions they’ve performed. The IRS gets this information, too.


Toomey, who often voices support for the crypto industry, is the ranking member on the Senate Banking Committee. Wyden is the chair of the Senate Finance Committee. Lummis has emerged as one of the bitcoin’s biggest advocates.
“Our amendment makes clear that reporting does not apply to individuals developing blockchain technology and wallets. This will protect American innovation while at the same time ensuring those who buy and sell cryptocurrency pay the taxes they already owe,” Wyden said in a statement.
Clarifying the provision would not affect the reporting requirements on crypto exchanges like Coinbase that operate on behalf of customers, according to the Blockchain Association, a crypto trade association that works to change public policy at the federal level.

[Black Coffee]

It's always about what's "buried" in these BS bills.

[mngambler]

It's always about what's "buried" in these BS bills.

what seems to be 'buried' is language they are still hashing out which applies to 'operators' basically they want these dev teams to come out from anonymity and make sure they are paying taxes as well, problem is from what I've seen (massive 4 year sample size but doesn't include 'everything' of course) is that 95% of these teams and/or projects and/or miners are outside the US anyway so our tax code doesn't apply....again I'm seeing a notherburger here other than the US trying to shakedown and make sure more people are paying their tax which I can understand

[KVB]

I read this article 3 times and came to the same conclusion that nothing has really changed, report your gains that are cashed through coinbase, gemini, etc (they're already getting reported over 10k) as income tax or capital gains tax, pay your bill and move on with your life...unless I'm missing something nothing is changing really according to this article, seems like a nothing burger imo

The Senate initially included crypto in the infrastructure bill as a “pay-for” provision that would help it generate revenue for the bill through increased tax compliance on crypto companies. These parties would have to file reports to the IRS.
The backlash from the crypto industry was a response to the bill’s broad definition of “broker” to include entities that don’t actually broker digital assets or that don’t have customers whose information needs to be reported to the IRS.
“By clarifying the definition of broker, our amendment will ensure non-financial intermediaries like miners, network validators, and other service providers — many of whom don’t even have the personal-identifying information needed to file a 1099 with the IRS — are not subject to the reporting requirements specified in the bipartisan infrastructure package,” Toomey said in a statement shared with CNBC Wednesday.
Currently, cryptocurrency exchanges may provide investors with a Form 1099-K detailing the transactions they’ve performed. The IRS gets this information, too.


Toomey, who often voices support for the crypto industry, is the ranking member on the Senate Banking Committee. Wyden is the chair of the Senate Finance Committee. Lummis has emerged as one of the bitcoin’s biggest advocates.
“Our amendment makes clear that reporting does not apply to individuals developing blockchain technology and wallets. This will protect American innovation while at the same time ensuring those who buy and sell cryptocurrency pay the taxes they already owe,” Wyden said in a statement.
Clarifying the provision would not affect the reporting requirements on crypto exchanges like Coinbase that operate on behalf of customers, according to the Blockchain Association, a crypto trade association that works to change public policy at the federal level.

Read it again. Or maybe just read the part I bolded.

You seemed to be focused on the end user reporting gains from buying and selling. Forget about that.

There are other stakeholders at play here. And those on US soil were in for a big problem.

That's why they are trying to change the language of the original bill.

[jjgold]

Hopefully nothing changes

[Fishhead]

Hopefully nothing changes

This poster is funny

[texhooper]

I’ll have to lower my gay snuff porn purchases to below $10,000 at a time I guess. You adapt, you move along, it’s all a part of god’s plan really

[Fishhead]

I’ll have to lower my gay snuff porn purchases to below $10,000 at a time I guess. You adapt, you move along, it’s all a part of god’s plan really

BIDEN destroying the country

[mngambler]

Read it again. Or maybe just read the part I bolded.

You seemed to be focused on the end user reporting gains from buying and selling. Forget about that.

There are other stakeholders at play here. And those on US soil were in for a big problem.

That's why they are trying to change the language of the original bill.

makes sense...that said I've been in crypto for over 4 years now, I've bought/sold/researched/laughed at literally HUNDREDS of 'projects' and of those I can't think of 1 based on US soil where these laws would apply (certainly I'm not saying NONE exist) and I'm not just saying that to sound smarter than the next guy and of course I haven't vetted the roughly 5,000 different tokens in existence but I'm seriously trying to come up with 1 project that has a US based team/location and I cannot think of 1, mind blowing really as I'm thinking about this...

[trobin31]

This is the bottom signal I’ve been waiting for

[BeatTheJerk]

...

[BeatTheJerk]

After this fake "infrastructure bill" is passed all crypto will be worth about 3 cents.

Can you post a picture of your face ? I wanna know what a repetitive dumb fuckin’ asshole looks like.

[themike78]

Can you post a picture of your face ? I wanna know what a repetitive dumb fuckin’ asshole looks like.

Look in the mirror jerkoff. Looooool.

[BeatTheJerk]

Look in the mirror jerkoff. Looooool.

Nice rebuttal by you, lame as f u c k just like your entire post history.

[themike78]

Nice rebuttal by you, lame as f u c k just like your entire post history.

Thanks again. If you need any more advice with bitcoin let me know.