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The $1.2 trillion infrastructure bill awaiting a presidential signature is primed to land a serious blow to the crypto industry. Stricter oversight on digital asset trading has been a goal for the Biden administration and Republican leaders in Congress for some time, and thanks to a controversial cryptocurrency tax rule buried in the bill, they’re going to get it. Crypto advocates are planning to do everything they can before it takes effect in 2024 – and it may just be the Fourth Amendment that saves the day. Sticky Language
(Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) The bill will require “cryptocurrency brokers” who regularly provide a service that conducts transfers of digital assets, such as bitcoin or ether, to report all transactions to the International Revenue Service. Such tax provisions will raise $28 billion over ten years to fund the infrastructure deal, according to the joint committee on taxation.
Who or what exactly is considered a “broker” is what the IRS will have to answer – and that’s what has digital currency advocates up in arms. The extremely broad category could include crypto miners, hardware manufacturers, software developers, and other parties who do not actually facilitate transactions directly.
Two attempts to adjust the language died in the Senate and were ignored by lawmakers in August. Amendments would have included removing miners and digital wallet developers from the reporting requirements, but the crypto lobbyists failed to secure unanimous approval. Jail Time!
The tax code passed in 1984, which cracked down on money laundering, will be amended following the president’s signature to include digital asset transactions. The law states that any person engaged in a “trade or business transaction” who received more than $10,000 in cash must report details about the sender to the IRS. That law will now include not just cash transactions, but crypto exchanges as well. All violations will result in mandatory fines and may bring up to five years in prison. Fighting Back
A lobbying group, Proof of Stake Alliance, which supports decentralized technology, has taken major issue with […]
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker