1/ Why is consequential tax policy being made in a rushed infrastructure bill? Here's the answer. IRS already has authority to require reporting and it had plans in place to issue new rules on crypto. But someone wanted to count the revenue from that in the infrastructure bill.

12:21 PM · Aug 6, 2021

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2/ Don't think they expected the crypto community to object, much ess succeed in getting senators to introduce an amendment to limit the definition of "broker" to, you know, people who actually broker.
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3/ Now I think they're concerned their original plans are in jeopardy. They shouldn't be. The crypto industry has been pleading with the IRS for clear reporting rules for years. barmstrong.medium.com/coinba…
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4/ The Warner amendment looks to be trying to save Treasury's bacon, but it's a technical disaster. It's what you get when you rush a complicated and nuanced policy question this way. We may be seriously damaging the future of American innovation for an accounting gimmick.
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5/ Here's the source of the quotes above FYI. I will stress, though, the headline is wrong. The Warner amendment is NOT a compromise. It would make the tax provision WORSE than if we had no amendments at all. wsj.com/articles/cryptocurre…
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And it should go without saying... CALL YOUR SENATORS! Tell them to vote NO on the Warner-Portman amendment and YES on the Wyden-Lummis-Toomey amendment.
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Replying to @jerrybrito
@CoryBooker @BobMenendezNJ I hope you guys are tracking on this disaster
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Replying to @jerrybrito
This new law, if passed, in tandem with FATCA compliance would be a global disaster for crypto. Perhaps it began as an accident, but now that they see the consequence…maybe it won’t be
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Replying to @jerrybrito
Ahh now THAT makes sense. It's about the political optics of how the bill's proponents can claim it will be paid for, and the fact that those revenue source mechanisms are unworkable is not of the concern to the ppl trying to solve the funding-optics-political-theater problem.
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Their concern is to give this the right talking points for cable news to help get the bill across the line, and the problems this approach raises (which are massively destructive to innovation) can, in their eyes, be kicked down the field to be solved another day.
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