IRS provision 6050I of the Infrastructure bill turns cryptocurrency users into felons

submitted by Drewski from (threadreaderapp.com)

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[–][deleted]  (4 children)

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    [–]Drewski[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    It could be sensationalist, I didn't find any other sources either except for the article linked in the thread. As for coinbase not saying anything, they're already in bed with the fed:

    Coinbase Turns Over Data of 13,000 Customers To IRS - Broad & warrantless summons, they should have fought this

    U.S. Homeland Security Signs $1.36M Contract With Coinbase

    [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

    It's not bullshit but it's also not worrisome. This is just saying Americans can't bypass KYC laws. Bad news for tax evaders but doesn't really affect anyone else.

    [–]Drewski[S] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

    It affects everyone who wants to keep their personal transactions private, which is perfectly reasonable.

    [–]jamesK_3rd 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

    They already made a ruling long ago, they choose to treat crypto as an asset, not a currency... It was the IRS, and other government bodies which chose to treat and define it as such.

    I started to say interesting, but then again even Joe said he wouldn't mandate the vaccine.. At one point vaccines used to be defined as a substance that induced immunity from a specific pathogen, preventing disease and transmission.

    Hell, I guess we used to define male as being born with a pecker, all antiquated ideas in 2021.

    So NVM, you will submit anything the elected govt administrative agencies desires of you, because it's what your demanded to do. Glad we have those out there already bending over for these administrative agencies. We are very soon to be australia, for the people demand it.