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1) Even more updates on the crypto amendments in the Senate infrastructure bill! Context:

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SBF

@SBF_FTX

Aug 6, 2021

1) More last minute updates on the crypto tax bill! For context: twitter.com/SBF_FTX/status

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SBF

@SBF_FTX

Aug 7, 2021

2) The good news: after a large public outcry, the Warner/Portman amendment has modified its weirdest piece. First, it removed the Proof of Work reference, instead excepting _all_ validation. Great! It was then _further_ revised, to exclude both PoW and PoS, but not others.

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SBF

@SBF_FTX

Aug 7, 2021

3) Which is odd. What if something has multiple steps to its consensus mechanism, one of which is PoS? I guess they're worried about things which are only dubiously validating? Either way, it brings it closer to being a bit of a mess, and choosing favorites.

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SBF

@SBF_FTX

4) There also doesn't exist an exception for developers, who again don't know anything about the state of taxes of users of a decentralized blockchain. So it's a mess. But it's also progress, and evidence that in the drive towards compromise, something good is happening:

9:54 PM · Aug 7, 2021Twitter Web App

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5) The people involved, as a collective, seem to be responding to reasonable forces, if not quickly enough. Of course, there's always time for more twists!

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Perianne

@PerianneDC

Aug 7, 2021

Bc @SenatorHagerty has objected, the Senate is debating for the full 30 hrs. This will end around 7pm Sun. After that votes begin on the full bill text, but it is still not clear if there will be a vote on the amendments. It's possible none of the #crypto amds will get a vote. twitter.com/SenatorHagerty…

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