2 years ago

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In this video, I discuss the new Lummis-Gillibrand crypto bill and its consequences for Bitcoin and other cryptocurrencies.

The bill contains many good provisions, including a capital gains tax exclusion for Bitcoin purchases of goods and services under $200, and a tax exclusion for Bitcoin mining rewards until they are converted to fiat. The bill also clarifies that borrowing against your Bitcoin will not be construed as a taxable event.

In its current form, the bill also contains too many loopholes, including the question of who gets to decide whether a crypto project is sufficiently "decentralized."

I would prefer if the category of "ancillary assets" were abolished, Bitcoin were put into a class of its own, and all other crypto-assets were turned over to the SEC to prosecute for being unregulated securities.

Ultimately, the US needs Bitcoin more than Bitcoin needs the US. I hope that regulators and legislators understand this clearly enough.

Not investment advice! Consult a financial advisor.

Senator Lummis:
https://www.lummis.senate.gov/

Senator Gillibrand:
https://www.gillibrand.senate.gov/

Lummis-Gillibrand bill executive summary:
https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf

Bitcoin Loans (The Ultimate Guide):
https://www.youtube.com/watch?v=Uvgg3j_uiVw&ab_channel=TraderUniversity

SEC sues Ripple:
https://www.sec.gov/news/press-release/2020-338

Is ETH a commodity?
https://www.sullivanlaw.com/news-ether-is-a-commodity.html

SEC gonna sue Ethereum:
https://twitter.com/namcios/status/1534592858811949057

CFTC chair is hostile to proof of work:
https://twitter.com/CynthiaMLummis/status/1534925122640936960

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#cryptocurrency

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