You may have heard rumblings that a de minmus exemption for Bitcoin in the CLARITY Act is being ambushed by Coinbase.
Yesyerday, TFTC claimed that
Coinbase is quietly lobbying to kill Bitcoin's de minimis tax exemption.
Bryan Armstrong denied this:
As did a number of other Coinbase people. Nic Carter even got in on the action:
Jack also asked Armstrong about the matter:
Then earlier today, Frank Corva posted this on X:
He followed up with this additional context:
Added context: Another source very close to the matter contacted me this morning and shared that they are very confident that removing the BRCA remains red line for the crypto industry at large.
However, the source added that there have been rumblings that the language in the bill related to non-controlling blockchain developers not being treated as money transmitters, language very similar to the language on this issue in the BRCA, may be on the chopping block due to pressure from hawks in Congress on this issue of money transmission, even what would be seen as money transmission by non-controlling developers/entities.
The source I spoke with today is not certain that the crypto industry cares as much about this specific language related to money transmission in the bill as they do about the BRCA (though, there's overlap btw the two, which makes things a bit confusing).
They said that the industry would likely be split regarding which companies and institutions would still support the bill if this particular language were to be removed or altered.
The source also added that the White House is in favor the BRCA remaining in the bill.
it's all bullshit noise. Bitcoin doesn't give a shit about this crap.
"bitcoin regulations" - buahahaha you make me laugh with that crap.
This whole thing is so wild to me. The CLARITY Acts purpose was not to deal in topics like de minimis exemptions it was just to settle the CFTC vs SEC issues facing the industry. In the House, the bill was passed with bipartisan support for a reason, but the Senate has trashed the whole thing and is now creating something that's much larger and messier.
The House tried to make this easy first with stablecoin, then the other cryptos, and finally, they were working on the tax bill. It was easier both legislatively and in getting feedback from industry. Only the Senate would just blow up this whole process and try to lump everything into one bill now.
I hate the Senate snobs so much..... these people are literally the worst. They keep trying to shove shit into the bill that doesnt need to be since its not the bills freaking purpose.
Congress is broken
Why do you think senators behave this way? Is there some incentive that pushes them towards this sort of mess?
If it was just a matter of acceding to pressure from lobbyists, I would think the House would suffer equally. what is it about the Senate that is different?
yeh i'd like to know this too
the main thing I can think of is that Senators are individually much more powerful than House members. They have an incentive to gum everything up just to remind everyone that tribute needs to be paid to them for them to sign off on anything.
My understanding is that both house and senate are purchased through the combination of transparent voting and campaign financing. Since there are fewer senators, their votes have a greater effect on the outcome of a bill, races are more expensive and the monetary strings stronger. Guess it takes time for crypto wealth to connect up to the political machine. Seems a lot is at stake here.
https://twiiit.com/TFTC21/status/2031802159181021307
If the de minimis exemption disappears, it basically kills everyday Bitcoin spending in the US. Tracking tax on every coffee purchase is a non-starter.