🚨RED ALERT: Call the senate to save DeFi

A poorly written provision that threatens the future of the DeFi industry has been added at the last minute to the 2,000+ page must-pass bipartisan US infrastructure package bill.

If you’re from the US, please take a moment to CALL YOUR SENATORS ASAP! The vote is set to take place tomorrow Saturday August 7th.

“While the language is still evolving, the proposal would seek to expand the definition of ‘broker’ under section 6045(c)(1) of the Internal Revenue Code of 1986 to include anyone who is ‘responsible for and regularly providing any service effectuating transfers of digital assets’ on behalf of another person. These newly defined brokers would be required to comply with IRS reporting requirements for brokers, including filing form 1099s with the IRS. That means they would have to collect user data, including users’ names and addresses.”

Luckily, Senators Wyden, Toomey, and Lummis have introduced an amendment that would fix the language and clarify that the expansion of the definition of a “broker” doesn’t apply to open source software developers or validators like miners or stakers BUT IT NEEDS YOUR SUPPORT! We urge those from the US to contact their senators as soon as possible.

DeFi needs YOUR HELP – CALL YOUR SENATORS now! It takes less than 5 minutes. This page walks you through each step and provides a sample script in case you’re not sure what to say. Make your voice heard – CALL NOW!

Read more about how the provision would expand cryptocurrency surveillance and create legal complexities for software creators and others who do not custody cryptocurrency.

All info in this newsletter is purely educational and should only be used to inform your own research. We’re not offering investment advice, endorsement of any project or approach, or promise of any outcome. This is prepared using public information and couldn’t possibly account for anyone’s specific goals or financial situation. Be careful and keep up the honest work!