Taylor

@skyron.eth

741 Following

2659 Followers

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Moonrise Monday!

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Many mountains for your Monday!

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Are any of you /law-policy folks in the /sf Bay Area interested in crypto taxation? Do you know anyone interested in the topic who might want to learn more? I will be moderating a discussion of the recently promulgated DeFi broker rules at a Blockchain Tax Conference on January 24th in Santa Clara. I would love to see you there! Follow this link for more details: https://www.sjsu.edu/taxinstitute/conference-details/agenda.php

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Friday is flowing.

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My second nit is with your statement that the broker definition excludes persons who are solely involved in providing validation services or unhosted wallets that only store keys. Treasury agreed with taxpayer comments that this creates a cliff effect that would disqualify a person from the exception if they were to provide even a de minimis amount of effectuating services. Therefore, the reference to “solely” was dropped from the final regulations, and (as you noted in your newsletter) two examples were added to §1.6045-1(b) to clarify that a validator or unhosted wallet provider that also provides trading front-end services is only considered a broker with respect to the trading front-end services and is not considered a broker with respect to validation or wallet services that otherwise qualify for the exception. In practice, these exception may be difficult to apply to real-world situations, particularly for unhosted wallet providers.

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First the definition of digital asset middleman in §1.6045-1(a)(21) is not quite as you have described it. It is a person who is responsible for providing an effectuating service, which includes a trading front-end service wherein the nature of the service is such that the service provider ordinarily would know or be in a position to know the nature of the transaction. Being in a position to know the identity of the party making the sale was dropped from the final regulations, because Treasury concluded that trading front-end service providers already have access to customer information and therefore can be presumed to know the identity of the party making the sale.

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Thanks @caphillcrypto for the excellent summary of the DeFi broker regulations in your newsletter today. I only had a couple of minor nits to pick with your explanation of the rules. Details to follow:

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Happy Tree Tuesday!

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Yup. The coolest part was that you could hear the ice break loose all the way down on the valley floor.

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Happy Moonshot Monday.

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Best library ever for an afternoon of reading.

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The industry is moving swiftly to oppose the DeFi broker reporting regulations that @cryptotaxguy.eth reported on earlier today. The Blockchain Association, DeFi Education Fund, and the Texas Blockchain Council immediately filed suit in federal court to block the regulations. https://www.defieducationfund.org/_files/ugd/84ba66_b6af3a8d9414462d8a34897cfec39c5e.pdf

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Just consider it your version of a “baker’s dozen”. 😁

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Here’s a little something for water Wednesday.

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Here is my contribution to tree Tuesday.

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Interesting letter from Rep. Carey on the pending DeFi regs. Should be an exciting month for crypto tax.

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Thanks. Sonoma County.

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Maybe so, but I like it.

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