Senatorul Wyden crede că impozitarea criptografică are nevoie de o „soluție reală”

August 2, 2021by Mark Murdock

2 august 2021 / Unchained Daily / Laura Shin

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• Ethereum’s London hard fork is set to lansa this week (August 4th).

• Kentucky are ordonat BlockFi to stop opening new accounts in the state.

• Wealthfront clients now have acces to GBTC and ETHE.

• The number of crypto holders has sa dublat since January, according to a report from Crypto.com (which, disclosure, is a sponsor of my shows).

• The average CryptoPunk price has orez 53% in the past week, highlighted by a $3.7M purchase from Gary Vaynerchuk.

• The President of Ukraine signed a bill that would allow the emitere of a CBDC.

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The language regarding the bipartisan infrastructure bill that intends to bring in $28B in crypto taxes is still under review, according to Jerry Brito, executive director of Coin Center.

Brito reports that the original wording of the bill has been si-a schimbat hainele; . He says that it is “better than where it started,” although he is still concerned about miners being shoehorned into the deal. The language, he said, is “still not good enough to clearly exclude miners and similarly situated persons” from being designated as a broker.

Brito also noted that while the phrasing was changed, it has not been finalized, tweeting:

Relatedly, in a tweet from early Sunday afternoon, Senator Ron Wyden criticized an earlier draft of the crypto provision from the bipartisan infrastructure bill.

Wyden started by acknowledging that crypto taxation in the US is an issue, saying, “Americans avoiding paying the taxes they owe through cryptocurrency is a real problem that deserves a real solution.”

However, he argues that the bill, as written, attempts to squeeze money out of the cryptocurrency industry without understanding the underlying technology they are legislating.

“The Republican provision in the bipartisan infrastructure framework isn’t close to being that solution. It’s an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works,” said Wyden.

Wyden and Brito are far from the only ones concerned about the bill (and the possible KYC ramifications for a wide array of crypto participants).

To recap…

News broke last Thursday that tucked inside the $550B infrastructure bill was a provision looking to raise $28B from the crypto industry by expanding the definition of a broker.

Kristin Smith, director executiv al Asociației Blockchain, a spus CoinDesk, “We interpret this to mean software wallet developers, hardware wallet manufacturers, multisig service providers, liquidity providers, DAO token holders and potentially even miners,” would have to begin reporting their transactions.

Jake Chervinsky, general counsel at Compound Labs, este de acord with Smith. In his opinion, such a mandate defies logic, citing various reasons, including:

1. It would be nearly impossible for miners to collect KYC data from pseudonymous users using DeFi protocols.
2. For every dollar gained in tax revenue, multiples will be lost as US crypto participants move offshore or underground.
3. The fourth amendment may offer protection from heightened government surveillance without a warrant.

Coin Center’s Neeraj K. Agrawal also chimed in on the bill, mirroring many of Chervinsky’s points:

Once the wording is cemented, multiple Senators professed hope to get the bill passed, with support, by the end of the week, as raportate de CNN.

For updates on this developing story, I recommend following Jerry Brito, Jake Chervinsky, și Ali Zaslav. For the non-Twitter savvy, you can read up aici, aici, și aici.

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Citiri recomandate

• Money’s Millika Mitra on how Gen Z is using crypto as a tool for financial freedom:

• Mario Gabriele, who writes the Generalist newsletter, published a deep-dive on FTX’s Sam Bankman-Fried:

• The Guardian on Bitcoin and Nigeria:

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Pe pod ...

Venitul din iulie al lui Axie Infinity depășește 200 de milioane de dolari. Iată cum au condus-o filipinezii

Leah Callon-Butler, directorul Emfarsis, discută despre documentarul său, „Play-to-Earn: NFT Gaming in the Philippines” și despre impactul real pe care cripto îl are în Filipine. Afișați cele mai importante momente:

• cum a început mișcarea Axie Infinity în Filipine

• câți bani pot câștiga jucătorii prin Axie Infinity în comparație cu salariile normale din Filipine

• modul în care schimburile criptografice filipineze se adresează jucătorilor Axie Infinity pentru a le face mai ușor să-și încaseze câștigurile

• ce procent din jucătorii Axie Infinity trăiesc în Filipine

• de ce jocul este atât de popular în zonele rurale

• ce zici de Axie Infinity aduce jucători nativi non-cripto

• de ce Axie Infinity are acum bariere mari la intrare

• modul în care jucătorii și-au creat propriul sistem pentru a ajuta la atragerea de noi utilizatori în Axie Infinity

• cum funcționează bursele Axie Infinity

• ce crede Leah despre relația dintre Yield Guild Games cu Axie Infinity

O puteți achiziționa de aici: http://bit.ly/cryptopians