Hidden Danger in the Infrastructure Bill with Abraham Sutherland & Greg Xethalis - WBD408

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.