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317 sats \ 6 replies \ @ZezzebbulTheMysterious 27 Dec \ on: Broker Rule: IRS Requires Non-Custodial Services To Report Trading Information Politics_And_Law
This is some truly bad ruling. It was written by someone who has absolutely no clue how any of this works. It speaks of "users" registering accounts with "brokers" after 2028. Requirements for browser plugins to distribute 1099s. How are you going to supply TIN/SSN? Utterly absurd. The treasury is being run by idiots.
The scope is browser wallets, mobile wallets and other non-custodial apps. So potentially even bitcoin core might need to have 1099 and tax withholding features to be legally compliant in the US.
I am pretty confident this is a utterly impossible ruling to enforce.
Enforcement would drive all software development out of the US, as it would be too big a risk to the rest of the world to let the IRS get into the codebase.
It was written by someone who has absolutely no clue how any of this works.
It's much more likely that this was written by people who know exactly how it all works and want to shut it all down by creating a legal basis for throwing devs in jail.
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I guess the deadline to gtfo is set as long as this reg is in place. World travelers like yourself can find safer jurisdiction, but what of the pleb dev today and tomorrow?
What is your prediction of where this will go?
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and people say elections don't have consequences
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"If voting changed anything, they’d make it illegal" -- Emma Goldman (1869-1940)
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