Given how out of touch the senators and representatives are, it seems an unlikely topic to come up spontaneously into the bill. So, I wonder where the motivation came from to include this provision?
It is how the bill is paid for. This is new spending, so they had to come up with $1Tn of new taxes, without actually adding any taxes. They assume that people aren’t paying taxes on their crypto transactions, then whip out a big stick to make those people pay up. Then make some assumptions about the market cap of crypto adding to government revenues.
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[ 3.0 ms ] story [ 37.9 ms ] threadthis article presents some simple, succinct examples of scenarios where this legislation is... inappropriate. https://www.decential.io/features/defi-and-the-digital-asset...