Slipped into the senate infrastructure bill is a crypto provision that has nothing to do with infrastructure whatsoever. While the right thing to do is remove it entirely, we know that's not going to happen.
The basics:
The intent being given to the public is to stop people from avoiding taxes, so it requires brokers to report transactions to the government. Now we already expect US based exchanges to be doing this, they already do with high value traders, and upon request.
We expect government to make an effort to collect correct taxes from citizens - that's not the issue.
The problem is they've defined a 'broker' in such vague terms, people who aren't running any type of exchange will in many cases need to add on new code to their creations so they can properly spy on users and turn over the required data to the government.
Coders making blockchain based apps are being put under the same umbrella as major exchanges like Coinbase under this crypto bill.
In short: tech illiterate politicians wrote something they shouldn't have, and slipped it into a bill where it doesn't belong. But what's done is done, the vote is happening.
There are some at least trying to amend it to something more reasonable...
Call 517-200-9518 and you'll be automatically connected to your local senator. Or go here and enter your phone number.
Tell your senators to:
- Vote NO on the Warner-Portman-Sinema amendment (this amendment modifies some parts of the senate crypto bill, but does not solve the problems)
- Then vote YES on the Wyden-Lummis-Toomey amendment (this one actually fixes the worst parts!)
"Hi, I’m calling to ask that you support the Wyden-Toomey-Lummis amendment to the cryptocurrency provision of the infrastructure bill (H.R. 3684) . This amendment will ensure that the provision does not dramatically expand financial surveillance, harm innovation, or undermine human rights. I also ask that you vote NO on the Warner-Portman-Sinema amendment, which is being described as a compromise but would be a disaster for the technology. Policies that impact basic freedom and the future of the Internet should be debated carefully and should never be attached to must-pass bills. Thank you."
If you can't call, at least tweet... or do both!
You can find your senators Twitter usernames by going to http://www.tweetcongress.org/tweeters Note that this lists your states congress members as well, but only the senate is voting tomorrow.
Don't wish you did once it's too late!
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Author: Oliver Redding
Seattle Newsdesk /
Via Breaking Crypto News LIVE: Realtime Feed For Bitcoin News and The Latest Cryptocurrency Prices... https://ift.tt/2Bf4SKE
