NEW CRYPTO LAW – Explained



The infrastructure bill includes new provisions about crypto.
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President Joe Biden just signed the new infrastructure bill. Here is what it means for us as crypto investors. First let’s talk about what he’s trying to fix.

INFLATION REPORT:
In the last year – from October 2020 to October 2021, here is how much things have gotten more expensive.

Shelter is up 3.5% – this is huge because shelter represents 32.5% of the weight of how we measure inflation, 3.5% is significant. Food like meat, chicken, fish, and eggs is up 11.9%, insane. Utilities like electricity went up 6.5%, our gas bill has gotten 28.1% more expensive. New cars are up 9.8%, used cars are up 26.4%, rental cars are up 39.1%. Insbut we’re not done, insurance for cars up 6.3%. Maintenance up 5.4%, gas for cars is up 49.6%. Restaurant food is up 5.3%, and hotels up 25.5%. The point is, everything has gotten significantly more expensive – across the board.

WHAT ARE THE NEW CHANGES TO CRYPTO?
The first is provision SEC. 80603. which expands the definition of what it means to be a broker. A broker in the traditional sense, is someone like Coinbase. When we buy from Coinbase, we are buying directly from Coinbase based on whatever price Coinbase sets the asset price to.

This is in comparison to an exchange like Coinbase Pro which matches buyers with sellers. When we buy from an exchange, we’re buying from someone on the other side.

Very important to understand the difference because now that definition is expanding because everyone – you and I will be treated like a Coinbase. Here’s what it says:

It defines a broker as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

What this means is that if you’re someone who transfers digital assets, which includes any cryptocurrency, NFT or token on the blockchain, you are technically classified as a broker like Coinbase – which means you need to report every one of these transactions.

The problem is that definition would include all miners, validators, nodes, hardware developers. This includes virtually everyone that has anything to do with crypto and they would be required to report everything even though they’re not necessarily making money for transferring assets – they’re just part of how the blockchain works.

HOW DOES THIS AFFECT ME?
If you have a self directed wallet, and a wallet on an exchange or brokerage like Coinbase – there’s a good chance you’ll be required to fill out form 1099-B. Here’s an example, let’s say you bought 1 Ethereum on a decentralized exchange and you started staking it. After you finished let’s say you wanted to transfer it to Coinbase and sell your ETH.

Coinbase would be required to send you form 1099-B, but where it gets complicated is that Coinbase would have no way of knowing what your cost basis is – because you never bought your ETH on Coinbase – you bought it somewhere else – which means paying taxes is going to be complicated because it will look as though you made a lot more money that you might have actually made.

The second provision that changed is something called 6050I. 6050I is a law that requires people who receive more than $10,000 to report that as income to the IRS. And it needs to include details of who paid you, their social security address and their mailing address.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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Daniel Iles

Thank you for the timely news

Tricky Mick - ETCFrogB

Inflation is way more than a couple percent on some specific items. It's more like 400%….. Look at the price of fuel. It's literally 250% higher than it was during the previous administration.

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diwakar lingaiah

nice video am new in crypto, market i need an expert trader that i can invest with and I don't understand how it really works. Can someone guide me on the right approach to investing and i need to make good profit from bitcoin and stocks investment

Denis Williams

I will forever be greatful to you rub scott you've changed my life, I'll continue to preach about your name for the world to hear, you've saved me from a huge financial debt with just little investment, Thanks Ruby Scott 🇱🇷🇱🇷

Robert Speek

<,I’m new to cryptocurrency and I don’t understand how it really works.Can someone guide me on the right approach to investing and making profit from cryptocurrency investment?

Mary Charlotte

Hello, I'm new to Biticon trade and I've been makin losses but recently I see a lot of people earning from it. Please can someone tell me what I'm doing wrong

Dominic

I still see cryptocurrency as one of the best digital investment and i totally love the technology when it comes to the largest crypto asset Bitcoin As a trader, i have been able to understand that there are two sides when it comes to crypto and everyone has their opinions when it comes to choosing sides, though i am not kicking against Hodl, but i see it as an old and odd strategy to make profit of the market as when the market goes bearish investors/traders loses their investment which is always painful, when you can take advantage of the market by involving in day trading or copying trade alert from a professional trader that understand the market and use strategy to generate signals daily to make profit to grow your portfolio. i started with 2.5 BTC and i have accumulated over 11.6 BTC in just three weeks, with the trading strategy given to me by expert trader Camilla Margaret

micheal dollin

Most coins are going to 10x this
Year. The recent bitcoin correction
down from its alltime high has had themarket in a panic in the past week.However,noteveryone has seenit as a bad omen.The digital asset's price had gone down below $50,000 causing investors to believe the bear market

Lopez Leonard

I will forever be in-depted to you Emilia 😇 you've changed my life, I'll continue to preach about your name for the world to hear, you've saved me from a huge financial debt with just little investment, Thanks Ms Emilia Russell 🇺🇸🇺🇸

Jorge Clopp Maddeny

Crypto is the new gold

Can Kılıç

$SSG "SURVIVING SOLDIERS" this coin is coming to the game on sunday which means it will go to the moon, it will go up to $5 THIS WEEKEND

Jordan Albert

Nice video,
It is really helpful to us traders,
Investing in crypto is the best and fastest way of making money, but only few understood the secret of crypto currency.

Boroteo Custodio

GOOD VIDEO; EVERYONE NEEDS MORE THAN THEIR BASIC SALARY TO BE FINANCIALLY SECURED, THE BEST THING TO DO WITH YOUR MONEY IS TO INVEST, MONEY LEFT IN SAVINGS ALWAYS END UP USED WITH NO RETURNS.

gen cooter

so now the goverment got there hands in crypto i didnt see that coming lmao if you think this is good your delusional

Sally Anne

Has congress in acted any thing? How can the irs make decisions without a representing body?

Cassie Anderson

I've lost quite a good number of coins in the current dip,I Just hope I find a way to recover from such a massive loss…

blips

12% is actually infrastructure the rest is Marxist garbage.
Trump economy wasn't so bad, Eh?

J S

Inflation is high because we have a tusnami of crypto, government printing extra, labor shortage, all that chasing finite resources. Where are we going to get the energy to power all the servers, electric cars, industry without fossils fuels. Simply not in the short term.

Atian Firebolt

Half the people in the comments look like bots

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David Kropff

When do the new crypto laws go into effect?

Guram Etsadashvili

I will forever be in-depted to you 😇 you've changed my life I'll continue to preach about your name for the world to hear, you've saved me from a huge financial debt with just little investment, Thanks Ms Karen Investment 🇺🇸

Goon Bug

nah this guy is a plant, i'venever met anyone who was an advocate for paying taxes

Mario Ulises

Lmao Biden simp. You might as well have done this video on your knees.

Luke Martin

Biden isn't trying to fix anything, he's burning our country to the ground

Travis Donald

Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose is a result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..

Gus Jarz

Could u have more ads please? I love watching 15 minute video for 45 min

Boomerino Kripperino

My boys a millionaire 👍

Terri Newman

fyi, biden created all the problems you outlined so don't give cho-mo-joe any credit for fixing any thing!

Omayeka Sylvester

I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN…I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED… CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG ?

AJ Dexter

Yo America sounding like Africa in the intro, America doesn’t have clean water?

METALMAN4Wii

Thanks Brandon.

IK

The depressing thing is before, you could work a job, and after a couple of years you could buy a house, while your wife stays at home.

Nowadays, you AND your wife BOTH work up to 12 hours a day, and both have 2-3 side hustles, and it's STILL takes 3-4 times longer to earn on that exact same house.

The cutthroat economy is honestly depressing. Soon we will be like south Korea: work, work, hustle, work. But unlike south Korea we'll also die from heart attack by 50 due to food being crap

Aliya Mary

Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work. 🤑🤑