The crypto policy community has been getting questions from folks on Hill about the IRS Broker Rule, specifically the crucial @tedcruz / @RepMikeCarey CRA that would repeal it. Specifically— why is this CRA so important? The IRS Broker Rule is a backdoor CBDC. There are two things people hate about CBDCs: - the government controlling what you spend your money on - the government seeing what you spend your money on The IRS Broker rule uses “tax compliance” as a weapon to accomplish the latter of the two. This midnight December ‘24 rulemaking would require wallet service providers to report to the IRS on everyone’s transactions in their wallets, as well as tie wallet addresses to personally-identifying information. A huge surveillance dragnet. (It would also require DeFi protocols - mere code - to also somehow report on txs to the IRS.) This CRA resolution would kill this rule forever, and preserve open crypto and personal financial privacy. It’s that simple.

Always a wonderful time at #taxprom with the @TaxFoundation

1/ 🎂Happy 90th birthday Securities Exchange Act! Let's reminisce about what happened since you created the rules for brokers and exchanges. Radio was the big game in town in 1934 when you were born…

So much has led to this moment. Proud of my friends and colleagues on and off of the hill who have worked tirelessly to get this right.

1/ There are many myths in @SECGov Chair @GaryGensler's Statement on FIT 21. We break them down and provide the facts. media.cryptoforinnovation.or…

Join me today at 5pm for this timely discussion ahead of tomorrow’s House vote on FIT21.

A must read!

Let’s go!!

1/ 📣 FIT21 HEADED FOR A VOTE! The House Committee on Rules just posted H.R.4763, the Financial Innovation and Technology for the 21st Century Act (FIT21) rules.house.gov/news/announc…

Yesterday, the House passed my bipartisan resolution with @USRepMikeFlood to repeal the @SECGov's misguided SAB 121. This is an important step in reining in the SEC’s overreach and ensuring consumer protection for digital assets. My full statement. ⬇️

Grateful to @RepDrewFerguson and @RepWileyNickel for their leadership regarding digital asset taxation through this thoughtful bipartisan bill. Among other things, the Providing Tax Clarity for Digital Assets Act will provide needed clarity when it comes to staking, mining, and other critical areas. This bill recognizes the unique attributes of digital assets and the need for sensible taxation to allow for responsible innovation in the US. It also reflects a deep understanding of how the digital asset ecosystem actually operates! My biggest takeaway from 3 years of law school is that the tax code drives behavior and opportunities in profound ways that are often invisible. Getting taxation right is a crucial part of any responsible regulatory environment. This bill is right on point.