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11) They're not specifically running an exchange or broker--they're just passing on and formalizing all the information in the network, a bit of which might happen to be trading related.

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12) The impact of requiring centralized US exchanges to report is that taxable gains get reported to the IRS. The impact of requiring miners to report is... Well they probably _couldn't_ even do it. It won't increase tax; it'll just kill industry, or offshore it.

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13) And, in fact, on most blockchains everything is public. So if you wanted tax reporting from it, an independent company would be just as well equipped as the blockchain infrastructure providers. Autonomous smart contracts, on the other hand, can't understand questions.

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14) Now, there are still unresolved questions. Sure, the miners shouldn't be the ones reporting blockchain-based tax, but who _should_? How _do_ tax reporting and DEXes interface? I don't know! It's a complicated question. But miners aren't the answer.

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15) So, what happened? Well, a *lot* of feedback of this sort has been given to the Senate, and there are revised versions begin considered.

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16) In particular, versions clarifying that the people solely doing the following don't count: a) "validating distributed ledger transactions" b) "selling hardware or software for which the sole function is to permit a person to control private keys"

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17) c) "developing digital assets or their corresponding protocols for use by other persons" Essentially, the amendment would clarify that building DeFi or blockchain products isn't like being a centralized broker, and wouldn't have to try to find and report on-chain trades.

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18) This amendment successfully clarifies the largest issues, and guides the bill towards the straightforward targets for reporting: centralized US crypto exchanges.

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