Regulatory Update

hi this is charles hoskinson broadcasting live from warm sunny colorado always warm always sunny sometimes colorado so today is november 18th it's a few days after i made my regulatory video on the 16th and true to form the little bill has been announced so let me share my screen real quickly and i will show you guys a little bit on the bill so jerry britto just tweeted right up here he says some good news a comprehensive bipartisan bill has just been introduced in the house to fix everything wrong with the infrastructure bill's crypto tax provision including the unconstitutional as 60 50i individual reporting mandate okay so this bill is hr 6006 and it was these are the people who've introduced it through the ways and means committee so it says first it would replace the overly broad definition a broker was one that is reasonably limited to exchanges that buy and sell crypto for customers second it would limit the new requirement that brokers report mere transfers of cryptocurrency by making sure they only report information that voluntarily provided by customers and held for legitimate business purposes can be shared as quote third party doctrine requires and then third it strikes the expanded reporting requirement for digital assets and instead requires a study of the effects of such an expansion made in consultation with the digital asset industry and organizations focused on individual privacy and civil liberties so it's not too big of a bill highly recommend taking a look at it has a pretty good shot of passing if we as a community come together and remind our congress critters and senators that we want it to pass there is bipartisan support for it so i think that if it passes the senate congress pretty good chance that biden will sign it so hopefully this bill i can get through from our end we're going to begin a lobbying very aggressively and we're going to see what we can do with the industry to lobby aggressively i'll be having calls this afternoon with various people and we'll be scaling up some of our expenditures in that respect and i may go to dc in a bit to show my sign of support because this is the most urgent issue that needs to get resolved with respect to the regulatory structure now as i mentioned there are two bills there's the little bill and the big bill i think the big bills of more than 70 pages and the big bill is not yet announced but it's been foreshadowed a little bit i think there was a tweet from senator lummus on this but the big bill basically covers regulatory clarity in the united states for all cryptocurrencies so it takes a step back from the cftc and the sec and the treasury department it creates special provisions clarifications and even attempts to create an sro for cryptocurrencies so it's a much bigger fight but if that was to pass then i think the united states would actually be the most crypto friendly country in the world and the best country to run a cryptocurrency business and there would be special protections and rights and this sort of democracies that lives over the industry's head will be clipped so hopefully we can have that fight next year but let's get hr 6006 passed and email your congress critters take a look at the bill you can find it at congress.