Comment Re:There's nothing crazy about it (Score 1) 112
"We must do something!" != "Here is something, so we must do it!"
I've not seen many people complaining about the idea of having crypto regulations or taxes in general. (I'm sure there are some, but I'm not one of them.)
The problem is the specific wording of the bill contains provisions that are LITERALLY IMPOSSIBLE to comply with. If you run a validator node and see a transaction over $600 you're required to send the recipient a 1099-MISC tax form. How the hell do I send a 1099-MISC form to "1zbqxd5g71234"? That would make it illegal for anyone in the US to run a validator node since they'd be unable to comply with that provision. There were bipartisan approved amendments to fix that wording, but Senator Shelby killed the amendment by trying to stick a $50b military contractor pork rider into it.
Just because some idiot congressperson says "this is common sense legislation!" doesn't mean it is common sense.