Congress FLIPS on Crypto Rule

hey everyone we kevin here there's been

a lot of drama about the infrastructure

package

including provisions that would tax

cryptocurrencies

in such a way vague manner that

essentially miners and people who stake

cryptocurrencies

could be required to report taxes in a

way that's really almost nearly

impossible to track or figure out

how the the irs wants these companies to

track taxes and report taxes

and that could have potentially led to

mining companies

leaving the country which is the last

thing that we want going to canada

which is already we're a place where we

got some great miners on 8 being one of

my favorites

but anyway uh folks the senate

has just introduced an amendment and uh

there's a bipartisan group of lawmakers

this is a bloomberg report that just

came in minutes ago

they released an alternative revenue

raising plan

and basically the amendment says quote

only those persons who conduct

transactions on crypto exchanges where

consumers buy

sell or trade digital assets would be

required to provide information to the

irs

so this basically means people like you

and me trading buying

selling uh we would be required to

report

uh you know gains or losses to the irs

for tax purposes

but it would specifically now this this

verbiage would specifically leave out

miners or stakers or those selling

hardware or software in the crypto space

so this is interesting this is being

called a

a reasonable or a responsible step

towards incorporating crypto into the

financial sector

this actually sounds very i let me put

it this way

i'm kind of happy that uh they put their

thinking hats on and they're like

oh yeah wait that is a little bit

complicated maybe we should clean up

this text a little bit

and i'm glad they put this in so clearly

they're listening to the industry

they're listening to the market

this is a good thing for crypto so this

is good news for crypto

happy to hear this reasonable amendment

let's see what actually ends up passing

in this infrastructure bill

but this regarding crypto something to

watch all right folks thanks for

watching

this video if you like this kind of

content especially shorter form content

like this

make sure to hit the subscribe button

let me know you like this check out the

programs in the 40

coupon code link down below and folks

see in the next one

[Music]