IMMINENT Government Crypto Takeover (WORST Law For Cryptocurrency) BitBoy Crypto
Welcome to Watch Crypto! In this video, BitBoy talks about an IMMINENT Government Crypto Takeover (WORST Law For Cryptocurrency).
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Name of Organizations, digital currencies, persons, digital platforms, applications used in this crypto video
- Crypto legislation
- El Salvador
- The House
- The Senate
- 2,702-page bill
- The bipartisan infrastructure bill
- Section 80603
- Republican Senator Rob Portman (Senator Portman)
- Gary Genster
- Ol-Fi hacks
- Wall Street
- 1099 Employee
- The Republicans
- Senator Pat Toomey
- Senator Ron Wyden (A Democrat from Oregon
- Senator Cynthia Lummis (Wyoming)
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Timestamp Details for this Crypto Video:
Summary of Timestamp 1 and 2:
The video is about awful crypto legislation inside the infrastructure bill. So, the law affect almost everyone same as how China banning mining or El Salvador accepting Bitcoin affects the markets, legislation in the world's largest economy has the potential to affect crypto for some years to come.
Basically, The bipartisan infrastructure bill is a 2,702-page bill that says it's about infrastructure, but in reality, it's just another way for the politicians to grease the palms of their big donors. The bill is passed through the House and now going to the Senate.
Summary of Timestamp 3
Section 80603 is the text of the infrastructure bill related to crypto. It was "written" by Republican Senator Rob Portman, longtime member of government whose only work in the private sector was as a small business lawyer and who is also a tech-savvy. he's taken money from BlackRock. Senator Portman has served on various financial committees that interface with the Fed all the time.
The senator He knows Yellen. Yellen and her SEC cronies like Gary Gensler really hate crypto, especially DeFi. They saw an opportunity to finally get a stranglehold on crypto just before it takes off in the mainstream.
The language of Section 80603 the language is so broad, so confusing, so onerous, it's obvious it was written by a bunch of Ol-Fi hacks who know nothing about crypto and are only out to protect their Wall Street pets and, worse, give up all your financial privacy.
Why the bill matters?
- The amendment would require new surveillance of all crypto users. It would force software developers and creators to put in surveillance or else cease their operations in the US.
- It will create honeypots of user information that would attract all sorts of hackers and bad actors.
- Anyone who has crypto would have to register as a broker or use a broker to send crypto anywhere. That goes against the very nature of crypto. It's peer-to-peer trustless transactions. It would create more legal complexity for any blockchain development.
- Coin issuers would have to register as a broker.
- Miners would have to register as a broker.
- All of them would be under the securities legislation of the SEC and the tax reporting of the IRS as a 6045-C1.
- Names, addresses and transactions for all customers would have to be reported to the SEC and the IRS. DEXs and anything DeFi-related would all come under the jurisdiction of the SEC and IRS, with all their related reporting, fines and fees.
- Every single customer of a DEX, of Uniswap, of Coinbase, and even every single person you send some crypto to, will be considered a 1099 employee?
- If you mess up reporting even one of these transactions, you'll get fined, audited and possibly have all your crypto confiscated. Plus, all your personal information will be at stake.
- It would be all stored centrally at either the IRS, SEC or some other porous government agency.
- The government has been the subject of so many hacks, it's hard to keep track of.
Summary of Timestamp 4
The entire cryptoverse is on blast and are mobilizing to push the language out of the infrastructure bill or at least rewrite it to focus the scope.
Everyone in crypto wants regulatory clarity. It will make adoption speed up. It will make taxation clear and it will give the US and other countries an advantage over China, Russia and Iran.
Though, there is no harm in regulatory clarity, but Crushing bureaucracy and invasions of privacy is not acceptable.
Senator Pat Toomey has come out swinging calling this amendment, "Congress should not rush forward with this hastily- designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences."
Senator Ron Wyden, a Democrat from Oregon, said that 80603, "It's an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works."
senator from Wyoming, Cynthia Lummis, is laser focused on this amendment saying that digital assets need their own committee to consider these issues instead of drafting amendments in secret.
The amendment is bad because it would effectively stop all crypto innovation, mining and transaction-ing in the US just as China has dropped the ball and given the free world a chance to take the lead in crypto.
Summary of Timestamp 5
You all should call, email and whatever to reach out to your senator to make sure that the amendment is not passed, but do not be rude.