6050I IRS in The Reconciliation Bill, Will Make US Users Felons. Contact your representatives and senators!
We will likely have to challenge this in the federal court circuits and the supreme court if we do not stop this before it is made law. This is an effective criminalization of DeFi. The DeFi sector can’t handle Americans being banned out of it, it is far too dependent on american investment. Andreessen Horowitz, Coinbase, and FTX have gone to DC to do lobbying but it isn’t clear what is happening behind closed doors.
Moreover, we haven’t heard word from any senators on 6050i. This is going to pass with the Reconciliation Bill in a week most likely. You all need to do what you did in august, blow up the phone at your representative and tell them to strike this provision out of the reconciliation bill. Nancy Pelosi is trying to prevent floor amendments and floor votes, by prearranging the final form of the bill behind closed doors to rush through Senate. Don’t let them.