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8-word crypto amendment in Infrastructure Bill an ‘affront to the rule of law’

Scorpio

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8-word crypto amendment in Infrastructure Bill an ‘affront to the rule of law’​

A proposed bill waiting for vote in Congress contains a “dangerous” amendment.


8-word crypto amendment in Infrastructure Bill an ‘affront to the rule of law’

NEWS


Legal experts have warned that a section of the Infrastructure Bill, which is due for a vote on Friday, amends a part of the tax code and makes a failure by businesses and individuals to report digital asset transactions a criminal offense.
University of Virginia School of Law lecturer Abraham Sutherland said it is a separate provision to the controversial “broker” provision that attracted all the attention when the bill was in the Senate:
“It’s bad for all users of digital assets, but it’s especially bad for decentralized finance. The statute would not ban DeFi outright. Instead, it imposes reporting requirements that, given the way DeFi works, would make it impossible to comply.”
Meltem Demirors, chief strategy officer of CoinShares, raised her concerns on Twitter about what she sees as the unconstitutional and anti-American nature of the amendment.
this bill is unconstitutional and inherently anti-American

private citizens have the right to financial privacy and financial freedom

absolutely shameful to see this https://t.co/O9FkVC2CF4
— Meltem Demir◎rs (@Melt_Dem) November 4, 2021
The amendment to section 6050I is a part of the Infrastructure Bill, which is scheduled to come to a vote in the House of Representatives on Friday.
Since 1984, section 6050I of the tax code has required businesses and individuals that receive either physical cash or a bank transfer in excess of $10,000 to file Form 8300 and report the sender’s personal information, such as name, address, and Social Security Number to the United States Internal Revenue Service. The eight-word amendment in the new bill includes “any digital asset” in the definition of “cash.”

This raises obvious privacy concerns when applied to decentralized finance and cryptocurrency transactions and is unworkable for many projects.
Sutherland explained on the Oct. 26 episode of Unchained with Laura Shin that Section 6050I quickly evolved to become a crime-fighting tool in the drug war throughout the 1980s. He said, “This really is not so much about tax, it’s about crime-fighting.”
If 6050I is applied to digital assets transactions, businesses and many individuals who fail to report the digital assets sender’s information to the IRS would be considered felonious criminals. Banks and other financial institutions are exempt, however. Sutherland wrote in a piece on DeCential explaining the ramifications in detail and concluded the amendment would be costly, unworkable and dangerous.
“The amendment to section 6050I is an affront to the rule of law and to the norms of democratic lawmaking. It was slipped quietly into a 2,700-page spending bill, allegedly as a tax measure to defray the bill’s trillion-dollar price tag even though section 6050I is in fact a costly criminal enforcement provision. The proposal deserves attention now, while there is still time to stop it.”
With just a 221-213 majority in the House of Representatives and a united Republican opposition, the Democrats need near unanimity on their own side to pass the legislation.

 

gringott

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gringott

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They hate us for our freedom.
 

the_shootist

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I've given up paying taxes once the US government came under the control of foreign powers. No taxation without representation! If they arrest and convict me I'll get 3 squares a day, room and board and a free education on whatever I want to learn. I'm too old and too ugly to be any big black felon's bitch so I'll take the freebies and the government gets to support me.
 
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ZZZZZ

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I've given up paying taxes once the US government came under the control of foreign powers. No taxation without representation! If they arrest and convict me I'll get 3 squares a day, room and board and a free education on whatever I want to learn. I'm too old and too ugly to be any big black felon's bitch so I'll take the freebies and they get to support me.

.
.
 

gringott

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I've given up paying taxes once the US government came under the control of foreign powers. No taxation without representation! If they arrest and convict me I'll get 3 squares a day, room and board and a free education on whatever I want to learn. I'm too old and too ugly to be any big black felon's bitch so I'll take the freebies and the government gets to support me.

Exactly. And you will get a free jab, and free updates, I mean boosters.
 

ds_mustang

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Hopefully the language will be removed in the bill that passes. But honestly the way things are going you're likely to be taxed to death or made an overnight felon for using crypto at some point. If you're big into crypto you need to get serious about having an exit plan from the US.
 

solarion

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If 6050I is applied to digital assets transactions, businesses and many individuals who fail to report the digital assets sender’s information to the IRS would be considered felonious criminals. Banks and other financial institutions are exempt, however.
Wow...color me shocked. This kind of vague language is a nightmare scenario for crypto businesses...particularly ETH. Attempting to require everyone to dox everybody else for using "digital assets" while exempting banks is blatant tyranny. It's difficult to see how it'd even be enforceable, but the threat could go a long way toward stifling adoption. ...probably the intent.
 

Bottom Feeder

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I've given up paying taxes once the US government came under the control of foreign powers. No taxation without representation! If they arrest and convict me I'll get 3 squares a day, room and board and a free education on whatever I want to learn. I'm too old and too ugly to be any big black felon's bitch so I'll take the freebies and the government gets to support me.
You've stopped paying taxes?
Be careful what you wish for.
For every ugly guy in prison, there's another ugly guy with a hard on.

BF
 

Casey Jones

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I've given up paying taxes once the US government came under the control of foreign powers. No taxation without representation! If they arrest and convict me I'll get 3 squares a day, room and board and a free education on whatever I want to learn. I'm too old and too ugly to be any big black felon's bitch so I'll take the freebies and the government gets to support me.
Two words:

Irwin.

Schiff.

He, too, felt that way...and he did indeed go to the Crossbar Hilton.

I don't know if Tyrone and Bubba sought out his comforts...but the Big C sure did.

And he got Government Healf Kare.

That is, NO care. They let him die of an entirely-treatable cancer.

If you figure it's your time to go, that may not dissuade you; but know what you're getting into.
 

gringott

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Hopefully the language will be removed in the bill that passes. But honestly the way things are going you're likely to be taxed to death or made an overnight felon for using crypto at some point. If you're big into crypto you need to get serious about having an exit plan from the US.
One of the first posts from a crypto advocate I agree with 100%.
Wow...color me shocked. This kind of vague language is a nightmare scenario for crypto businesses...particularly ETH. Attempting to require everyone to dox everybody else for using "digital assets" while exempting banks is blatant tyranny. It's difficult to see how it'd even be enforceable, but the threat could go a long way toward stifling adoption. ...probably the intent.

Geez I am always wondering who the heck is behind this globalhomo coup d'etat.

I'm sure that the banks aren't involved in any way. It would be crazy to think that.
 

gringott

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Two words:

Irwin.

Schiff.

He, too, felt that way...and he did indeed go to the Crossbar Hilton.

I don't know if Tyrone and Bubba sought out his comforts...but the Big C sure did.

And he got Government Healf Kare.

That is, NO care. They let him die of an entirely-treatable cancer.

If you figure it's your time to go, that may not dissuade you; but know what you're getting into.
Didn't he die of cancer in a prison hospital bed handcuffed to the side railing?
A vicious tax evader?
 

Casey Jones

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One of the first posts from a crypto advocate I agree with 100%.


Geez I am always wondering who the heck is behind this globalhomo coup d'etat.

I'm sure that the banks aren't involved in any way. It would be crazy to think that.
A bank is just a building and a legal charter.

PEOPLE are behind it. Lizard-people; but people.

Klaus the Nazi and Billy the Gates and Georg the Recliner Revolutionary, there out of the Caymans.
 

Casey Jones

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Didn't he die of cancer in a prison hospital bed handcuffed to the side railing?
A vicious tax evader?
Prison "hospital."

The level of care you get, depends on how much the Deep State loves your kind.

Drug mules get reasonable care, probably. Vote fraudsters get GREAT care; as do former Clintonite DemocRats.

Gun runners less so.

Bottom rung...where you get a replacement IV and catheter bag, once a day...is tax criminals.
 

gringott

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The Archbishop called him Klaus Schwab Rothschild. Dead serious in tone.

This from his Wiki page, and we know how leftist they are.
1636124686607.png


1636124807962.png


trumpnklaus small.jpg

The Usual Suspects. Trump's left hand man, followed by Trump's Jewish daughter.
I am not sure who the pig face is between Trump and Klaus.
 

Scorpio

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how dare you insinuate tramp is a tool!

no soup for you
 

gringott

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You are a soup bolshie, Mr. Bear.
 

gringott

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Trump's daughter in that picture looks like she is wearing that mortician's makeup for dead people, her eye makeup is bizarre, hair looks fake and she looks like thunder thighs.
I thought she was supposed to be good looking. I guess not. More like a plastic barbie doll.
 

gringott

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Trump has a nice tie however.
 

Casey Jones

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Trump's daughter in that picture looks like she is wearing that mortician's makeup for dead people, her eye makeup is bizarre, hair looks fake and she looks like thunder thighs.
I thought she was supposed to be good looking. I guess not. More like a plastic barbie doll.
Or else the photo is fake.
 

Buck

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The Archbishop called him Klaus Schwab Rothschild. Dead serious in tone.

This from his Wiki page, and we know how leftist they are.
View attachment 231121

View attachment 231124

View attachment 231131
The Usual Suspects. Trump's left hand man, followed by Trump's Jewish daughter.
I am not sure who the pig face is between Trump and Klaus.
i'll just leave this here: idk Schwab was tainted with Rothschild blood


but, i'll add, for those who think this 'program' needs to make any sense, coming out of the gate...it doesn't

all that has to be done, create some problematic laws, let the private sector hash it around a bit, see what works and what doesn't work...toss out all the stuff that does work and add in more control points, soon they'll have a New Mandate
..
there's no need to know what's going to 'be in any bill' we just have to watch and see what they do with what they just passed...


there are no rules anymore that say anything has to make sense