Last night I read an interesting article:
Bitcoin & Crypto facing the end? This law should put an end to the industry by Lukas Wiesflecker
This short version is that there is some language in this bill that seems geared toward getting rid of miners in the US at a minimum, and potentially trying to get rid of cryptocurrency completely.
Well, if this is true, it certainly would not surprise me. Leave it to the US government to attempt to force trillions of dollars out of the country. The premise is that this bill needs funding, and supposedly this is one way that the government hopes to pay for all this infrastructure. However, the article points out that you can’t do a 1099 in the crypto world because you don’t know who you are dealing with. How can you collect a name and a tax ID from a crypto wallet? it’s the whole point. Leave it to the government to try to collect taxes on this, only to realize that they will cripple the industry in this country and end up losing money in the process. A small part of me also wonders if there are lobbyists out there that don’t like crypto and are pushing to get rid of it… but like the old saying going “Never ascribe to malice that which is adequately explained by incompetence.” And let us face it, the government is not filled with people that understand cryptocurrency. So it’s pretty likely that they really just don’t get it, and have no concept of what they might do.
Anyway, like all things in government, it will take time before this goes into effect, and might possibly never make it into the final bill, but keep your eyes open. One thing you can guarantee, is that any big bill that is bipartisan, is sure to carry a whole bunch of garbage that we don’t need, all cleverly hidden under “saving the nation”.
Oh well, enjoy and thanks for reading,
As always, thanks for reading and don't forget to check out our SAP Service Management Products at my other company JaveLLin Solutions,Mike