House passes bill with infeasible cryptocurrency reporting requirement

At least this isn't enforceable until end of 2023.

this article presents some simple, succinct examples of scenarios where this legislation is... inappropriate. https://www.decential.io/features/defi-and-the-digital-asset...

We need more out of touch 80 year olds writing our laws.

Given how out of touch the senators and representatives are, it seems an unlikely topic to come up spontaneously into the bill. So, I wonder where the motivation came from to include this provision?

Bankers who own the world probably.

It is how the bill is paid for. This is new spending, so they had to come up with $1Tn of new taxes, without actually adding any taxes. They assume that people aren’t paying taxes on their crypto transactions, then whip out a big stick to make those people pay up. Then make some assumptions about the market cap of crypto adding to government revenues.

By writing an idiotic law that is impossible to comply with?

Reality doesn't matter to these people.

Not sure it matters. Don’t think that genie is going back in the battle. At most it’s just slowing its escape