~ The Saloon ~ Crypto & Stocks ~

[xZx]

i checked into this, and the effective date would be january 2023. not sure how much debate congress will have on it before it becomes law. the horse may have already left the barn.

it sounds like the bill will soon be headed to biden's desk for his signature very soon.

"What the US infrastructure bill means for cryptocurrency brokers and owners"

https://ihsmarkit.com/research-analysis/what-the-us-infrastructure-bill-means-for-cryptocurrency.html

The reporting requirements would be effective January 1, 2023 and will be required for all tax returns filed for the taxable year.

imo what matters for traders most is it won't be effective until 13 months from now. and which assets would be most affected remains to be seen, but defi platforms, DEXes, and NFTs are likely to get hit hardest.

the basis of this law is to provide transarency about all transactions of $10K or more and violators would face felonies.

maybe a token like CVC (civicoin) will fill the KYC (know your customer) gap. or some other tech like them.

this "passport" allows a customer to take their digital ID with them wherever they go, which means you don't have to share your sensitive info with some fly-by-night defi exchange.

and those handling your money would have your KYC info attached to (more likely embedded in) each transaction but be unable to read it themselves. a pretty solid system imo.

https://www.civic.com/

i think this would be a really big improvement over the current mess. who wants to give all their data to some random group of people at an exchange, each time you open a new account?

and flagging transactions of $10K or more is nothing extreme. banks have done that for years.

crypto is growing up.