Row 4819

Content Data

This page contains data entry 4819 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Raw Record

{
  "text": "1. \\*\\*What is being proposed?\\*\\*The IRS, with support from the Treasury, is considering treating smart contracts on Ethereum as brokers. This would mean they must follow the same rules that financial brokers do, such as verifying the identity of people using their services, under KYC laws. KYC laws are part of broader regulations aimed at preventing illegal activities like money laundering and tax evasion.\n2. \\*\\*Why classify them as brokers?\\*\\*By classifying smart contract creators as brokers, every transaction could be tracked and recorded for taxation and anti-m\\_\\_\\_y l\\_\\_\\_dering purposes. This aligns with the goals of the B\\_\\_k S\\_crecy Act and the Patriot Act, Fatca & OECD, in the U.S., which are key pieces of legislation in combating financial crimes and enforcing tax laws.\n3. \\*\\*Impact on software engineers and developers globally\\*\\*This change means that any team, anywhere in the world, could be held accountable under U.S. law if they fail to collect necessary information from users, including Americans. This global reach is supported by various international treaties on tax and anti-m\\_\\_\\_y l\\_\\_\\_dering that the U.S. is part of.\n4. \\*\\*How does the SEC benefit?\\*\\*The Securities and Exchange Commission (SEC) currently regulates securities markets in the U.S. and often engages in what's called \"regulation by enforcement,\" especially in newer areas like crypto. Typically, the SEC can only pursue civil actions for violations of securities law (like unregistered securities sales). However, if smart contracts are deemed brokers, and developers fail to comply with these rules, they could face criminal charges, not just civil.This is a big deal because the SEC could then collaborate more effectively with other agencies like the IRS to enforce these rules. When it comes to cases involving significant missteps or omissions by crypto companies, having the potential for criminal charges could amplify the SEC's power. Essentially, it could pursue or support more severe actions against entities that fail to comply, making its enforcement actions more formidable.\n\nBy leveraging the increased obligations on smart contract developers to include KYC information, the SEC can extend its enforcement reach, ensuring greater compliance and potentially reducing the number of entities operating outside of regulatory frameworks. This change would significantly strengthen the hand of regulatory bodies in overseeing a largely unregulated digital space.\n\n\n\n\n\n\n\n\n\n\n\nSOURCES SOURCES SOURCES SOURCES \n\n------------------------------------------------------------\n\n-----Time for the best part, the extensive list of sources I'm bringing to prove that the US government intends to kill DeFi globally a full list of 2.5 years of twitter threads on the regulatory progress. \n\n[https://threadreaderapp.com/thread/1573815492523036672.html](https://threadreaderapp.com/thread/1573815492523036672.html)\n\n[https://twitter.com/TheCryptoCPA/status/1781403340045197813](https://twitter.com/TheCryptoCPA/status/1781403340045197813)\n\n[https://twitter.com/CryptoTaxGuyETH/status/1781398204497400101](https://twitter.com/CryptoTaxGuyETH/status/1781398204497400101)\n\n[https://www.defieducationfund.org/\\_files/ugd/e53159\\_40d4255857d142f2a1744be79f1dab3f.pdf](https://www.defieducationfund.org/_files/ugd/e53159_40d4255857d142f2a1744be79f1dab3f.pdf)\n\n[https://twitter.com/valkenburgh/status/1781380879476043940](https://twitter.com/valkenburgh/status/1781380879476043940)\n\n[https://twitter.com/amandatums/status/1776293907929714757](https://twitter.com/amandatums/status/1776293907929714757)\n\n[https://treasuryraid.lexpunk.army/](https://treasuryraid.lexpunk.army/) - automated public commenting for the 82 page Treasury Proposal\n\n[https://twitter.com/CryptoTaxGuyETH/status/1695603888957641154](https://twitter.com/CryptoTaxGuyETH/status/1695603888957641154) - Thread explaining the 82 page Treasury Proposal\n\n[https://threadreaderapp.com/thread/1695603888957641154.html](https://threadreaderapp.com/thread/1695603888957641154.html)\n\n[https://www.govinfo.gov/content/pkg/FR-2023-08-29/pdf/2023-17565.pdf](https://www.govinfo.gov/content/pkg/FR-2023-08-29/pdf/2023-17565.pdf) - The full 82 page Treasury Proposal for DeFi Broker KYC requirements\n\n[https://www.warren.senate.gov/imo/media/doc/2023.10.17%20Letter%20to%20Treasury%20and%20White%20House%20re%20Hamas%20crypto%20security.pdf](https://www.warren.senate.gov/imo/media/doc/2023.10.17%20Letter%20to%20Treasury%20and%20White%20House%20re%20Hamas%20crypto%20security.pdf) - Long spree of misinformation from Elizabeth Warren concerning Nation Security\n\n[https://twitter.com/propelforward/status/1715072779723137061](https://twitter.com/propelforward/status/1715072779723137061) - Thread explaining the Patriot act and Fincen proposal on mixers which sweeps up DeFi\n\n[https://www.fincen.gov/news/news-releases/fincen-proposes-new-regulation-enhance-transparency-convertible-virtual-currency](https://www.fincen.gov/news/news-releases/fincen-proposes-new-regulation-enhance-transparency-convertible-virtual-currency) - actual fincen release on today's Patriot act proposals\n\n[https://twitter.com/duganist/status/1456228685137260558](https://twitter.com/duganist/status/1456228685137260558) - 2021 Infrastructure Broker amendment bill super thread\n\n[https://threadreaderapp.com/thread/1456228685137260558.html](https://threadreaderapp.com/thread/1456228685137260558.html)\n\nyou can learn about the law if you want to\n\nFatca\n\nFatf\n\nOECD\n\nPanama Papers\n\nObama administration CFTC cases against international forex and poker\n\nonline poker ban Black Monday Poker ban\n\nSar Suspicious activity reports\n\nControlled Foreign Corporation reporting\n\n6045/6050 IRS statute\n\nBilateral extradition treaties\n\nCorporate structure laws for Elligible Contract participants in the Dodd Frank Bill for the Commodities Exchange act [https://www.law.cornell.edu/uscode/text/7/1a](https://www.law.cornell.edu/uscode/text/7/1a)",
  "label": "r/ethereum",
  "dataType": "post",
  "communityName": "r/ethereum",
  "datetime": "2024-04-22",
  "username_encoded": "Z0FBQUFBQm5LakwyVHZHZjMxRURTSXQ1OGVzc242VklVY1hHLU1WSGRBTHJ3Tjh4cnZaUlNIUEhXVkRreGZWWE9rVUpqb1RLeGFCREZNeHFPT242eXpkWWg1Z2dzd2g5M0E9PQ==",
  "url_encoded": "Z0FBQUFBQm5Lak9GUm5nSUxtY1JYZG1hUk5JRTJydEZLemJ5aldWdllabFNTbWYzdEFmeVZxY0lvVFJDUldQVG5MLVYxWTQyZy1EMUdsNUZ5Z2dXeFllUzExWXctYjJ4VzdjZ2x2NnhhYnNLc19YR25PeWtrcFlhYkk0LTJEOVFkeFhhSmJydUl5VV9nTVNId0FZaHBJYTlXS1FqX3hIQUd2QnZfMzF6WHlxaV9MMWtLMlJ4c1dRMkIzZ1B6WHFwc2MwZFhKTUsxM2xaQ3U3NGtDVTFQRDVaTGFYS3gwTHdUdz09"
}

Entry Information

• Entry ID: 4819
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000