New Infrastructure Bill Passed--Now it is a Felony Not to Report ANY Crypto Transactions Over $10,000 to the Government
A controversial clause regarding cryptocurrency and transaction reporting resides in the infrastructure bill that was recently passed through congress.
The wording of the clause is so broad as to include any and all transactions regarding cryptocurrency, including private transactions and transactions on decentralized finance (DeFi) platforms.
If participants fail to meet the stringent reporting requirements, they will find themselves facing felony charges.
From the article:
This is not the so-called “broker” provision that attracted public opposition when the infrastructure bill was waiting to be approved by the Senate. This is a separate provision, an amendment to tax code section 6050I, and it requires certain “recipients” of digital assets valued over $10,000 to report the sender’s name, address, and Social Security number to the government.
It is unclear how the government plans to enforce this law. Decentralized exchanges, for example, act independently of human oversight, and without KYC (know-your-customer) protocols.
What is clear is that the government has created the framework to attack anyone who holds, trades, or moves cryptocurrency.
The crypto law is expected to take effect in 2023. Hopefully this can be challenged in court. If not, then crypto traders and holders should take steps to keep their future transactions below $10,000.
"Illigitime non carborundum"
"Don't let the bastards grind you down"
As I recall the "Federal Reserve" which is not federal at all is rolling out it's own crypto currency. Will the same reporting restrictions apply to them as well? And what happens when the dollar fails completely an all people have is crypto - - how will they enforce that? How many prisons will we need, and who will run them if the guards and administrators are waist high in cryptos?
As far as I am aware reporting it voluntary - - so I'm not tellin' and the whole crypto world
is about encryption....let'em crack nuts.
A guide, on finding a man who has lost his way, brings him back to the right path—he does not mock and jeer at him and then take himself off. You also must show the unlearned man the truth, and you will see that he will follow. But so long as you do not show it to him, you should not mock, but rather feel your own incapacity.
Do not rely on following the degree of understanding that you have discovered, but simply think, “This is not enough”.