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We will have an immediate advantage if this passes in its current form. This might be an extinction event for "crypto". MinerID, merchantAPI and minerAPI comprise a fully vetted brokerage with full KYC. Regulators will permit BSV to operate with TAAL pool acting as a counterparty broker. https://www.banking.senate.gov/newsroom/minority/toomey-on-cryptocurrency-tax-in-infrastructure-package-text-is-unworkable
When is this expected to be passed?
seangray replied:
It should pass the senate today. It would force people to register keys and miners to register as well.
liam replied:
so this passed in its current form right? What are the implications here? I dont think it kicks in until 2023, but does this mean staking, DeFi etc will require heavy reporting requirements that most will be unable to comply with?
seangray replied:
I think the regulations will make it easier for people to comply so long as they register all wallets and addresses they control. The blockchains will track all swaps as designed and it would actually be incredibly easy for the IRS to trace everything on DeFi. I doubt people would leave. Privacy networks like monero might get rekt if nicehash can't sell them network security. The BSV network and TAAL still have the better version of DeFi, since banks and govs will be able to issue liquidity directly and the fees will be the most competitive. USDT costs nearly $100 to move right now on ETH. Even on TRX it is too expensive. CBDC's on BSV will permit sub cent fiat microtransactions. Anyone could participate in the defi market with that barrier to entry removed. Most people can't afford to participate in ETH or BSC DeFi.