This is a big big deal now. Weve got this overview here that says that texas, senator ted cruz is seeking to strip language defining who a crypto broker is from the multi billion dollar infrastructure package. According to a recent statement from his office, this new legislation, this proposal, if its passed, would remove language aimed at tightening reporting requirements for brokers in the digital asset space. This legislation that hes putting forward mirrors an earlier attempt by crews and other politicians to eliminate the language from the infrastructure package now the point here is that ultimately, there was a ton of effort. There was literally tweets and tweets and tweets. There was all these phone calls emails, etc to politicians, both in the senate and congress. Trying to raise this issue before the infrastructure bill went to president joe bidens office. But ultimately it did not get changed. Biden got the infrastructure bill in its current form and he signed it into law. On monday, now, supporters of the definitions have said that the expanded definition would help provide funding for the infrastructure package. So what they essentially are doing is theyre trying to broaden the definition of a broker so that theres more reporting requirements on those brokers. That more reporting would allow the irs to go and get more tax revenue. The problem is that, in many cases, those brokers, things that fall under the terminology broker cant actually do it. In some cases, what this law would require is that if you are participating in a transaction, whether you are their sender, the receiver or deemed a facilitator or a broker, you have to have the participants name, their social security number and other information about them.

But what happens if, for example, a miner, they are processing transactions to some degree, theyre securing the network. They have no clue who is sending what to who all they know is that they are there to validate blocks. They are there to secure the network, and so ultimately there is a problem. A lot of this law is not going to actually be able to be applied, and so we have a quote from cruz himself. He says, as a deliberative body, the senate should have done its job and held hearings to properly understand the consequences of legislating on this emerging industry before we risk the livelihoods and privacy of participating americans. I urge my colleagues in the senate to repeal this harmful language that will create regulatory uncertainty and, in turn, an unnecessary barrier to innovation. Now that is the key here is that if the united states wants to be a leader in this industry, we cannot have legislation that ends up causing friction. We cant have legislation that ends up offshoring. A lot of that innovation. We want to be the leader, we want anyone in the world, no matter who you are, where you come from, what your wealth status is your education level who your parents are, or what country or language you are coming from, or you speak. We want you to come to the united states and help build this industry. This industry has economic prosperity tied to it, job creation, and ultimately it is technology and innovation.

If we want to be a technology leader in the 21st century, we have to be a leader in bitcoin and cryptocurrencies, and so ultimately, what we are watching occur here is we are watching a bill that got pushed forward. That bill had nothing to do with the crypto industry. It was all about infrastructure and spending and they needed to find a way to be able to pay for it, and so naturally they went and looked at a fast growing industry like crypto, and they were able to put this language in there. That said, oh, we should expand what the definition of a broker is and therefore they will have to participate in more reporting for the irs. That sounds innocent, but when you start to look at the fact that it cant be applied in many cases, ted cruz and other politicians like senator alumnus in wyoming and many others, are now trying to get this fixed. The only way to do it now that the bill has been signed into law is to put forward new legislation to repeal specific parts of the language, so itll be interesting to see.

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