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We need to stop the US from killing crypto. The new IRS proposals could effectively destroy DeFi and other crypto use cases.
The good news? We can change this. 5 minutes is all it takes to leave a comment and get the interpretation delayed.
In this episode, we bring on Miller Whitehouse-Levine of the DeFi Education Fund and tax lawyer Jason Schwartz to discuss the proposed rules and their catastrophic implications.
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------ TIMESTAMPS
0:00 Intro 6:30 Miller and Jason 8:15 The Broker Laws 15:30 Proposed Regulation 20:50 Endgame Oversight 26:00 They Hate Crypto 31:00 The Comment Process 36:40 New Crypto Tax Tools 42:00 So What Happens… 46:30 Pressuring the Departments 50:50 How We Can Win 56:20 What We Have to Do
——— RESOURCES
Miller Whitehouse-Levine https://x.com/millercwl?s=20
Jason Schwartz https://x.com/CryptoTaxGuyETH?s=20
Get Involved https://x.com/LeXpunK_Army/status/1713186443445629429?s=20 https://x.com/CryptoTaxGuyETH/status/1695603888957641154?s=20 https://x.com/fund_defi/status/1713929569030275285?s=20
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Friend.tech, a decentralized social media platform in which you can buy and sell “keys” in your friends on X (formerly known as Twitter) whose value can go up and down, has become a viral sensation, racking up as many as 100,000 users since launching on August 10. Should keys be considered securities and thus regulated by the SEC? How should gains and losses be taxed? And how private should users assume their communications and transactions on the platform are? Securities and banking law professor at George Mason Law School JW Verret, and tax partner and co-head of the Digital Assets and Blockchain Practice at Fried Frank Jason Schwartz, share their thoughts.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
how Friend.tech works and how the price of keys is determined
how Friend.tech is different from many other past attempts at creating a decentralized social media platform
whether the keys offered by Friend.tech could be deemed securities by the SEC
what wrapped Friend.tech tokens are and whether these could be considered securities
why the traditional approach to crypto taxation is bad for most Friend.tech taxpayers
what the tax implications of Friend.tech airdrops are
what Friend.tech users should assume about their privacy on the app
what the future holds for Friend.tech
Thank you to our sponsors!
Crypto.com
Arbitrum Foundation
Toku
Guests:
J.W. Verret, Associate Professor of Law at George Mason Law School
Previous appearance on Unchained: Coinbase's Legal Action Against the SEC: How It Will Likely Unfold
Jason Schwartz, tax partner and co-head of the Digital Assets and Blockchain Practice at Fried, Frank
Friend.Tech Shows How Complicated Taxing Crypto Transactions Can Be by Jason Schwartz
Links
Unchained:
Friend.tech Threatens to Penalize Users That Move to Copies or Forks
Friend.tech Clarifies That Database of 100,000 Users Was Not Leaked
What Is SocialFi? A Beginner’s Guide
The ‘Howey Test’ and the Debate Over Crypto's Legal Status - Crypto Security vs Commodity
CoinDesk: Friend.tech Attracted NBA Influencers. So Why Does Everyone Think Crypto’s Latest Trend Will Die?
Decrypt: Friend.tech Renames Its Token—But Is It Even Legal?
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