With EIP 1559, Has ETH Become Ultra Sound Money?
What's going on guys. It is thursday august fifth. And today we're talking about the ip fifteen fifty nine and whether it turns a theory 'em ether specifically into ultra sound money. I however let's do an update on the infrastructure bill where we left off yesterday. Was that a group of republican and democratic senators. Were coming together to offer. An amendment to the crypto tax reporting provision the goal of the amendment would be to specifically exclude non-custodial actors like miners from the new. Irs definition of broker as applied to the crypto industry. It's short so. I wanna read the whole thing but before we do i should also note that senator ted cruz also offered an amendment. His amendment would scrap the provision entirely. Which why think crypto would love to see most in find especially politically viable hence us focusing on the widened to llamas amendment. Here's the amendment. As written purpose to revise the rule of construction with respect to information reporting for brokers and digital assets and for other purposes on page two four three seven strike lines nine hundred twenty one and insert the following definition of broker. Nothing in this section or the amendments made by the sections shall be construed to create any inference that a person described in section six. Oh four five. C one d of the internal revenue code of nineteen eighty-six as added by this section includes any person solely engaged in the business of a validating distributed ledger transactions be selling hardware or software for which the sole function is to permit a person to control private keys which are used for accessing digital assets on the distributed ledger or see developing digital assets or their corresponding protocols for use by other persons provided that such persons are not customers of the person developing such assets or protocols so basically this is explicitly excluding validate irs hardware and software developers minors etc