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this is the literal text of the amendment. (3) Treatment as cash for purposes of section 6050i.-- Section 6050I(d) of such Code is amended by striking ``and'' at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting ``, and'', and by inserting after paragraph (2) the following new paragraph: ``(3) any digital asset (as defined in section 6045(g)(3)(D)).''. (c) Effective Date.--The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023. as of the effective date, unless this gets specifically repealed, all crypto will fall under the statute. just reading this into the existing treasury regs covers most crypto transactions.
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Nov 6, 2021 14:02
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here is the definition of a digital asset: B) Definition of digital asset.--Section 6045(g)(3) of such Code is amended by adding at the end the following new subparagraph: ``(D) Digital asset.--Except as otherwise provided by the Secretary, the term `digital asset' means any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.'
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Nov 6, 2021 14:03
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in sum loving 
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Nov 6, 2021 14:04
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i actually misread - its not crypto transactions in excess of 10k - its any crypto transaction.
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Nov 6, 2021 14:07
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Mr. Nice! posted:i actually misread - its not crypto transactions in excess of 10k - its any crypto transaction.
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Nov 6, 2021 14:09
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gschmidl fucked around with this message at 16:14 on Nov 6, 2021 |
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Nov 6, 2021 14:18
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lol https://twitter.com/dcuthbert/status/1456961510694064135
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Nov 6, 2021 14:19
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i will note, that the reporting requirements only require people who are receiving digital assets as a course of business. people sending doge to each other as reddit tips or whatever wouldn't be covered.
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Nov 6, 2021 14:26
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pseudopresence posted:What exactly is 'web3' in these people's minds, I know it came up in the thread before but it slid right off my brain lobes imagine if you got paid in somethingawfulcoins every time someone read your posts like that, but stupider Qwertycoatl fucked around with this message at 14:37 on Nov 6, 2021 |
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Nov 6, 2021 14:33
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quote:The bZx incident currently joins the list at #5 as one of the largest cryptocurrency heists that have taken place this year: Starting now
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Nov 6, 2021 14:55
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i’m the defi that got hacked 3 times.
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Nov 6, 2021 14:59
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the cat that got the Cream Finance
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Nov 6, 2021 15:02
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Qwertycoatl posted:imagine if you got paid in somethingawfulcoins every time someone read your posts it couldn't possibly be
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Nov 6, 2021 15:06
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Mr. Nice! posted:i actually misread - its not crypto transactions in excess of 10k - its any crypto transaction. :yoshaha:
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Nov 6, 2021 16:03
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Hammerite posted:the cat that got the Cream Finance 𝕔𝕪𝕓𝕖𝕣𝕔𝕣𝕚𝕞𝕖 𝕣𝕦𝕝𝕖𝕤 𝕖𝕧𝕖𝕣𝕪𝕥𝕙𝕚𝕟𝕘 𝕒𝕣𝕠𝕦𝕟𝕕 𝕞𝕖 finance
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Nov 6, 2021 16:05
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quote:You can put your social skill experiences on chain
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Nov 6, 2021 16:19
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The only immutable thing about the blockchain is bitcoiners' understanding of security (0).
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Nov 6, 2021 16:28
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Mr. Nice! posted:this is the literal text of the amendment. Lmao I didn't see the amendment and was going off my on hand rules for work. Jesus christ that's amazing
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Nov 6, 2021 16:48
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miners get a fee from the spender each time Bitcoin or any other crypto currency is spent. if this does cover "any" crypto transaction then arguably any US mining operation would need to satisfy KYC regulations for every single transaction.
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Nov 6, 2021 16:52
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Shifty Pony posted:miners get a fee from the spender each time Bitcoin or any other crypto currency is spent. if this does cover "any" crypto transaction then arguably any US mining operation would need to satisfy KYC regulations for every single transaction. Boom goes the dynamite.
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Nov 6, 2021 17:01
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Mr. Nice! posted:i actually misread - its not crypto transactions in excess of 10k - its any crypto transaction. I read the language of (d)(2) to mean that if you accept two $5,000 paper obligations in satisfaction of $10,000 due, you have to report (but not one in satisfaction of $5,000) Gazpacho fucked around with this message at 17:37 on Nov 6, 2021 |
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Nov 6, 2021 17:32
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Hammerite posted:PolyNetwork – $600 million buttcoin: $37 million (February) $29 million (August) $130 million (October)
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Nov 6, 2021 19:01
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not much sympathy for anyone losing their money with the group that has to disambiguate their previous hacks by month
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Nov 6, 2021 19:02
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https://twitter.com/coffeebreak_YT/...ingawful.com%2F
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Nov 6, 2021 19:10
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Gazpacho posted:are you sure? I don't see where the law makes an exception to the $10k threshold. the new definition is in the bill not on anything current. it changes 6050i to saying reporting is necessary for receipts of cash greater than 10k to receipt of cash greater than 10k and upon receipt of any digital asset. Shifty Pony posted:miners get a fee from the spender each time Bitcoin or any other crypto currency is spent. if this does cover "any" crypto transaction then arguably any US mining operation would need to satisfy KYC regulations for every single transaction. receiving a block reward from the system isn’t the same as someone paying you with a bitcoin. that’s what this is set to cover - businesses that touch the poop will have to keep track of customers and report all poop touching to the irs. individuals should have been reporting their own poop touching activity aa their commodity trading is taxable.
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Nov 6, 2021 19:38
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does that include all transactions on a crypto exchange too, since they're receiving it in the course of doing business, even if they're not being paid in it?
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Nov 6, 2021 19:50
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Mr. Biden, pop that bubble! That's why we voted for you.
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Nov 6, 2021 19:52
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Chalks posted:does that include all transactions on a crypto exchange too, since they're receiving it in the course of doing business, even if they're not being paid in it? crypto exchanges are the ones that are going to be most impacted, imo. same with any nft marketplace. to conduct business in the usa they’re gonna have to get all the kyc info and submit it to the irs for their users.
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Nov 6, 2021 19:54
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this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact.
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Nov 6, 2021 19:54
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Mr. Nice! posted:if the crypto business is backed with legitimate actors
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Nov 6, 2021 19:56
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact. lmao
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Nov 6, 2021 19:57
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact. 
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Nov 6, 2021 20:06
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact. 
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Nov 6, 2021 20:07
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact.
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Nov 6, 2021 20:20
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact.
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Nov 6, 2021 20:25
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Mr. Nice! posted:this won’t be an onerous hurdle for anyone operating legitimately. if the crypto business is backed with legitimate actors, this should have very little to no impact. 
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Nov 6, 2021 20:43
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has anybody that isn't beepo who had a deal with an exchange or something actually cashed out their tens of thousands of dollars from selling an NFT?
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Nov 6, 2021 20:45
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like the treasury isn't going to come out and say "every single crypto transaction between private parties must be reported under penalty of felony." they're going to say "all us crypto exchanges or businesses that receive crypto will have to report transactions and kyc information." this is no different than how things are handled with banks and other businesses. i am very skeptical that many american crypto businesses survive as a result because the the underlying backbone for crypto is illicit activity.
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Nov 6, 2021 20:47
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look we bought a fake address in some country not beholden to extradition treaties and put a banner on out site that says you must be not in america to use our services, what more do you want??
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Nov 6, 2021 20:50
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buttcoin: the crypto business is backed with legitimate actors
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Nov 6, 2021 21:25
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