Congress Slips In Crypto Regulation Into Upcoming Bill

Do you think you support the 1.2 trillion infrastructure plan proposed by the US Government yesterday? Well, it was actually the first of many hurdles to get it passed, but it did allow us to see some of what they want to make happen. 

So, how does an infrastructure plan affect crypto and should you support it? Well, buried deep in the bill is the idea that it will be paid for in part by a tax on cryptocurrencies amounting to 28 billion. This was not always the plan, it was thrown in at the last minute to gain support for the bill. The White House says:

“It is financed through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to crypto currencies, and other bipartisan measures, in addition to the revenue generated from higher economic growth as a result of the investments.”

 Now, I may write more about the overall BS of this statement such as what "unspent funds" actually means for a government, but for right now, two major points about crypto come up for me.

  1. This is how major changes get done in Washington, in a seemingly small last second change to a bill. Thrown in at the last minute, it will fly under the radar, when in fact, Congress has re-written tax code, which will allow for oversight of crypto, cost billions, and force a lot of crypto usage offshore. They get all they think they want, without actually having to write a bill on crypto.
  2. Do you think this has anything to do with the actual infrastructure bill? Well, I did the math. It will pay for .023 percent of the bill. So, this is not about paying for roads, it is about control of crypto.

It is amazing what you can make happen with a bill that will be thousands of pages long if everyone just slips in a few things here and there.

Thanks for reading and remember, the devil is in the details. I leave you with this quote, and hope he was right:

You can’t stop things like Bitcoin, it’s like trying to stop gunpowder. It will be everywhere, and the world will have to readjust. World governments will have to readjust. John McAfee, founder of McAfee Inc




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