All of a sudden, cryptocurrency has become a powerful force in WashingtonThe clunky and awkwardly undemocratic underbelly of US politics was on full show earlier this month as Joe Biden\u2019s landmark bipartisan $1.2 trillion infrastructure bill clumsily made its way through congress. Aside from the plethora of obscure handouts to organizations entirely unrelated to an infrastructure bill, the highlight of this process was the 2,700-page package being spectacularly held up by a small but hugely important clause with profound implications to the US cryptoeconomy.Specifically, the clause attempts to address how crypto would be pulled into the US tax system, how the data required to report such tax events is collected, and who\u2019s responsibility it is to collect said data. The impact of the clause, if the industry is forced to comply, would devastate crypto markets in the US and force innovation, jobs, and investment into other jurisdictions.There are landmark events in crypto history that will be remembered in years to come when we look back at this first decade \u2014 the first BTC transaction, pizza guy, the DOA hack, block size wars, and the Bitcoin Cash fork, Mt Gox, and the HODL meme all stand out. It is reasonable that we now add to this list the crypto industry single-handedly holding up the mighty Infrastructure Bill and catapulting crypto to the top of the political agenda in DC. As we have maintained in our reports over the years, education of Bitcoin\/crypto, without a centralized body to coordinate, is a problem that comes with open-source decentralized technologies. The temporary derailing of the momentous Infrastructure Bill by an industry with its roots in humble retails traders and investors has forced the topic onto the syllabus of politicians and their advisors. Crypto has leveled up to the final boss.Despite the bill disappointingly passing\u2026<\/p>","protected":false},"excerpt":{"rendered":"
All of a sudden, cryptocurrency has become a powerful force in WashingtonThe clunky and awkwardly undemocratic underbelly of US politics was on full show earlier this [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/5229"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=5229"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/5229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=5229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=5229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=5229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}