4/ This makes no sense. Smart contracts, for instance, are not companies, and cannot be modified to collect KYC info or issue 1099s. They are simply software running on the blockchain that anyone can use.
— Brian Armstrong (@brian_armstrong) August 4, 2021
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
— Elon Musk (@elonmusk) August 6, 2021
10/ It's the right path forward and we @a16z urge those in Congress who are champions of innovation to vote in favor of the Wyden-Lummis-Toomey Amendment. Read more in the letter @bhorowitz, @pmarca, @cdixon & myself sent to Senate leadership.https://t.co/uhI4G4rJmU
— Kathryn Haun (@katie_haun) August 6, 2021
9/ However, the Infrastructure Bill proposes a definition for “broker” that includes software developers, node operators, miners, and others. These firms can not practically comply with crypto tax reporting obligations because they don’t have the requisite information to do so.
— Cameron Winklevoss (@cameron) August 6, 2021