Hidden Danger in the Infrastructure Bill with Abraham Sutherland & Greg Xethalis
10/11/2021

“This is an amendment to the tax code but it’s really a new criminal prohibition on peer-to-peer transfers and it’s been overlooked.”
— Abraham Sutherland

Location: Austin, TX
Date: Friday 8th October
Company: Independent, Multicoin Capital
Role: Independent, General Counsel and Chief Compliance Officer

In August, a bipartisan group of 69 senators passed a $1 trillion infrastructure package, including around $550 billion projected federal spending on roads, bridges, expanded broadband access and more.

While this may seem irrelevant to Bitcoin, this 2000+ page document outlined how the government plans to fund the bill. Under the 'Other Provisions' section, the bill focused on the reporting requirement for "brokers" of digital assets and their definition. These reporting requirements are designed to extract a tax from users who misreport or underreport their taxes. 

This bill section caused a considerable backlash from bitcoiners as the proposed language is extensive and seems almost impossible to comply with.

While bitcoiners were up in arms about the broker definition, lawyer Abe Sutherland says that the bill contains an overlooked "digital assets" provision that could become a far bigger issue, affecting almost every bitcoin user if it becomes law.

In this interview, I talk to independent lawyer Abe Sutherland and Greg Xethalis, General Counsel and Chief Compliance Officer at Multicoin Capital, to discuss the onerous new reporting requirements hidden within the Infrastructure Bill.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Sportsbet.io - Online sportsbook & casino that accepts Bitcoin
Casa - The leading provider of Bitcoin multisig key security.
Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.
Ledger - State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting


-----

WBD408 - Show Notes

-----

If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

Become a Patron and get access to shows early or help contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.


No clips found