On November 7th, Coinbase CEO Brian Armstrong said that the 6050I clause in the Infrastructure Act seems to be a disaster.
Criminal felony laws may freeze many healthy cryptographic behaviors (such as DeFi). Independent lawyer Abraham Sutherland) explained to 6050I. The proposed amendment to Section 6050I provides for a wide range of circumstances. “Anyone” who receives more than $10,000 of digital assets must verify the sender’s personal information. Include the social insurance number, and sign and submit a report to the government within 15 days.
Failure to comply with the regulations will result in a mandatory fine and may constitute a felony (up to five years in prison). Earlier news, the U.S. House of Representatives passed an infrastructure bill with encrypted tax clauses and has been sent to U.S. President Biden for signature.