^MAJOR UPDATE: Yes, Wyden-Lummis-Toomey amendment is being talked down in favor of amendment by the bill's sponsor, Senator Portman. The President is backing Portman's do nothing amendment. This is BAD.

How do you know a politician is lying? Their lips are moving.

Here is how you know they were planning to tax everyone all along and wreck the crypto industry:

Portman's revision:
How could this be interpreted? Well still everyone could be included. Bitcoin miners could potentially be included, because of the lightning network. Any proof of stake coin would be regulated. All crypto software is free so it could be included. Only some wallets give control of private keys. It would seem DeFi and DEX are included in all revisions.

Assume the worst!

This backs up a previous statement by a US Representative hinting that Janet Yellen was behind the original crypto bill.

https://deep-resonance.org/2021/08/06/biden-deals-blow-to-crypto-industry-backs-plan-to-tax-proof-of-stake/

Keep up the pressure...

yawn.. obvious.
when the wording said things like
any person who (for consideration) is responsible for [custodian for a fee]
and regularly provides any service [business]
effectuating transfers of digital assets for another person.[MSB]

it was clear that it was never about software developers, node users, miners or retailers
it was always about MSB's

miners, nodes, and software developers dont take custody of peoples funds.[no responsibility]

anyway, while people think the battle is won even though the obvious was always true from the start

now all exchanges and coinjoins and MSB that only handle crypto-crypto have to KYC.
this can be avoided by just registering the business outside of the US and IP ban US usage. much like the tactics of the bitlicence era

and yes this leaves LN payment route hubs in the new MSB category..
not because of any node handling or software usage. but for regularly offering a payment routing of other peoples value for a fee

meanwhile. whilst citizens moan to their representatives about how they feel scared and threatened as a node user and want comforting hugs from representatives telling them they aint going to be part of the group.

actual MSB that are actually going to be pushed into more paperwork and requiring KYC for just atomic swaps and routing(previously unreported). are setting their businesses up outside US jurisdiction. or changing business plan to avoid such services.

the large exchanges love more hurdles and barriers of entry. because they get to be the monopoly of compliance knowing any small business now has even more regulation, so small MSB tend to avoid getting involved and avoid expanding. and end up fizzling out of the custodian sector. meaning less competition for the big boys.

parts of it is about the fact that MSB's need to be compliant. meaning they need a employee thats trained in compliance and pass a regulatory test and also alot of other little bits of bureacratic headache, policy handbooks and licence fee's.

its not a simple 'send an email with a customers name address and value moved'..
its all licences, qualifications, audits. all of which have costs. and if you dont do it the MSB can be liable as a launderer

big business already has this stuff.. but the small businesses just doing crypto-to-crypto are going to see a steep learning curve soon.... very steep
lots of fines and court cases for MSB not walking the thin line of regulation

Firstly the new bill may take into account the huge tax revenue .The relevant provisions in the bill may not be completely abolished. Therefore, they will focus on making small improvements as much as possible.
Secondly this bill  may push a large number of participants, companies and individuals involved in the encryption field to go overseas, which will really stifle innovation in the U.S. encryption field.

*facepalm*

So obvious that if the vote had happened to go the other way, you'd have looked like an even bigger pompous jackass than you already do?   

Maybe one day you'll climb out of your own backside and realise that not everyone shares your "unique" perception.  And what a relief that is.  I wouldn't want to live in a world where everyone was as single-minded as you.  Try to remember that these senators are not infallible.  Chances are, they haven't spent a decade or more studying this subject and probably aren't particularly knowledgeable about it.  And it's unlikely they all share the views regarding personal freedom generally espoused in this community (hell, you don't even share all of those values).  Some of them may have vested interests that would lead them to vote against something that benefits Bitcoin.  You have literally no idea what's going on in any of their heads.  There are so many influences on an individual's mindset that you can't possibly pretend you can predict them all.  There was every chance they could have got this wrong. 

Congratulations, you recognised the preferred outcome.  You happened to call it right this time.  But it wasn't a foregone conclusion.  If you think otherwise, you are delusional.  In fact, there's no "if" involved, I already know you're delusional.  I'm just hoping you'll finally recognise it.  Acceptance is the first step to recovery, after all.

The very fact that there was a vote, which you have no control over the outcome of, would suggest that you could have been wrong.  Can you comprehend this fact?



Learn to people, plz.  Unless you somehow enjoy being an unrelatable, obnoxious automaton.

Given Ted Cruz's consistent ability to be on the wrong side of almost every issue, I am amazed he is standing up for cryptocurrency right now. I'd urge people to tune in and listen. He is speaking the most sense he has spoken in his entire career. I'm sure it has a lot to do with Texas' potential position to attract huge numbers of miners, but still.

Don't get me wrong, this legislation is still incredibly ugly, as Senator Cruz put it. The amendment we are fighting for is simply the lesser of the two evils. The legislation will still massively affect all of cryptocurrency, and not for the better.

---

Edit:

The amendment we are interested in is now not going to be considered due to disagreement regarding a different amendment regarding $50 billion in military funding. Our democracy is so stupid.

Edit 2:

Senator Shelby refusing to let it pass because he is hung up on his military amendment. Bitcoin in America gets destroyed by one 87 year old who says he communicates with his staff via hand written notes because he can't use email. Our democracy is so stupid.

He definitely screwed up everything. From what I am reading, it seems like a given that the bill will be passed by the Senate with the original language that was going to kill the industry in the US. It could still be fixed later on by the House or reconciliation process, but Senate is looking lost.

This is over alot more than "$28 billion." Congress realizes this. Apparently they could have raised over $100B simply by hiring more IRS agents. They want to stop the crypto industry before it has a chance to really take off.
Certainly hope this is true.

https://coinmarketcap.com/alexandria/article/despite-losing-crypto-tax-fight-industry-made-d-c-take-notice
...plus miners. Everyone contact Senator Richard Shelby.

He won't change his mind. The whole $50 billion for the military thing is just a smokescreen. We already spend almost $800 billion on the military, more than the next 11 highest spending countries combined. He is entirely funded by banks and Wall Street, and he isn't running for re-election so he will suffer no consequences from this. He will do as he is told so he can continue to receive his fat paychecks. Apparently he is also trying to get Wall Street jobs for some of his staffers: https://twitter.com/twobitidiot/status/1424834077920747520

Cruz proposed another amendment to strike the cryptocurrency provisions altogether. Guess what? Shelby objected to that too. Welcome to our "democracy". Our country is a joke.

So now the original bill goes to a vote. If it passes, that's it.

No it isn't.

The original bill, if passed without amendment, can make bitcoin impossible to legally use in the US.

The budget for Military is already huge for America as Air conditioner budgets for soldiers in Afghanistan is near about $20 Billion as per reports and they have been spending so much from a long time on military practices and as said by you it's just another excuse by a funded banker who hates decentralisation of payment system and they can't directly oppose them so make such bills and reject crypto amendments.He doesn't care about people and only doing as per direction to receive his payment but the world will get use to bitcoin inspite of their decisions.