Senators move to exempt Bitcoin, crypto miners from proposed U.S. tax rules

Re:Senators move to exempt Bitcoin, crypto miners from propo... by uncomputation on Thursday August 05, 2021 @12:01PM (#28075608)

Did you read the article? This is just about exempting non-exchanges from “broker” status i.e. keeping track of users’ personal information, transaction history, and data. The representatives said they agree people not paying taxes on crypto is a problem, but classifying them as brokers is not the solution.

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Re:Senators move to exempt Bitcoin, crypto miners from propo... by skybrian on Thursday August 05, 2021 @12:17PM (#28075821)

Why isn’t it part of the solution? It seems like keeping track of who buys mining equipment (at least at large scale) would be a pretty important component in making sure that they pay taxes? Just like it’s important that brokerages report your stock transactions to the IRS.

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Re:Senators move to exempt Bitcoin, crypto miners from propo... by freeone3000 on Thursday August 05, 2021 @01:30PM (#28076866)

This is not what broker requirements are.

If you are under broker requirements, and you wish to mine a new block, you must have, for every transaction you include in the block, the legal name of the person whose transaction it is, their address, and whether they are a politically compromised individual (ex, a general or politician of a nation that is not the US).

For every transaction you're going to include in the block.

This information is reasonable to expect from brokerages and exchanges, but not from miners, who are merely transaction processors.

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Re:Senators move to exempt Bitcoin, crypto miners from propo... by RandomLensman on Thursday August 05, 2021 @01:44PM (#28077052)

Payment facilitators and processor would normally fall under some sort of KYC regime, I think (let's say when onboarding a merchant). Arguably, there isn't really a one-to-one correspondence with a miner, but to completely exempt miners here is an interesting twist.

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Re:Senators move to exempt Bitcoin, crypto miners from propo... by cwkoss on Thursday August 05, 2021 @01:55PM (#28077203)

This isn't about buying mining equipment either.

It's whether bitcoin miners need to KYC the other boxes they communicate with. It'd be like requiring bittorrent clients to have a copy of drivers license on file for every other node they make connections to.

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