The infrastructure bill's amendment to tax code s. 6050I should be repealed -- https://xitter.cf/t.co/rV7z6YmEas Understanding 6050I -- https://xitter.cf/t.co/WEi04Z05pH
Joined June 2009
- Tweets171
- Following3.7K
- Followers2.6K
- Likes1.9K
Pinned Tweet
The IRS is wrong. New cryptocurrency tokens from staking are not taxable income. Congress can and should fix the tax code to make this clear. Keep taxation fair -- end overtaxation and the compliance nightmare.
My latest in @taxnotes – taxnotes.co/3DllssT
Abraham Sutherland retweeted
Huge thank you to our co-plaintiffs against the Tornado Cash sanctions. They are heroes for standing up and building a broad case against OFAC: @TrustlessState who got dusted and said bring it on; Developer Patrick O'Sullivan who simply hoped to get paid his salary with privacy; and our John Doe who supported the defense of Ukraine on chain while dodging GRU countermeasures.
The crime of "money transmitting" is not what Biden's Justice Department says it is. Time to straighten this out.
Today, I’m taking a stand against the Biden administration’s unjust crackdown on crypto development. I’ve filed a lawsuit against the DOJ to challenge their flawed and unjust interpretation of the law.
My work on Pharos—a non-custodial protocol for public goods fundraising—reflects the kind of innovation that many in the crypto space are striving for. It’s a tool for trustless and transparent crowdfunding, empowering users without intermediaries.
Yet developers like me are facing baseless legal risks. The DOJ’s broad interpretation of money transmission laws threatens the ability to build freely. This isn’t just about Pharos; it’s about the future of cryptocurrency innovation in America.
This lawsuit is about ensuring innovators can create without fear and that laws aren’t misused to hold back progress. For too long, the Biden administration has used a lack of clarity to scare builders away from new technology or force them to leave the USA. That needs to end.
You can read more about this lawsuit and why it's so important from @CoinCenter, who are supporting me every step of the way.
coincenter.org/coin-center-f…
If you work in crypto, take time to read the complaint in Lewellen v. Garland --
coincenter.org/app/uploads/2…
Abraham Sutherland retweeted
Today, I’m taking a stand against the Biden administration’s unjust crackdown on crypto development. I’ve filed a lawsuit against the DOJ to challenge their flawed and unjust interpretation of the law.
My work on Pharos—a non-custodial protocol for public goods fundraising—reflects the kind of innovation that many in the crypto space are striving for. It’s a tool for trustless and transparent crowdfunding, empowering users without intermediaries.
Yet developers like me are facing baseless legal risks. The DOJ’s broad interpretation of money transmission laws threatens the ability to build freely. This isn’t just about Pharos; it’s about the future of cryptocurrency innovation in America.
This lawsuit is about ensuring innovators can create without fear and that laws aren’t misused to hold back progress. For too long, the Biden administration has used a lack of clarity to scare builders away from new technology or force them to leave the USA. That needs to end.
You can read more about this lawsuit and why it's so important from @CoinCenter, who are supporting me every step of the way.
coincenter.org/coin-center-f…
Abraham Sutherland retweeted
🚨Congratulations to Reps @RepDrewFerguson and @WileyNickel for championing a critical & common-sense clarification of existing tax law to ensure tax fairness for millions of stakers (and miners!). Today they introduced a bill that would affirm what @TeamPOSA has known for years and been fighting for: block rewards should be taxed at the time of sale, not at the time of block creation.
Proud to introduce the bipartisan Providing Tax Clarity for Digital Assets Act with @RepWileyNickel to clarify within the tax code that digital asset rewards are to be collected at the point of sale, while codifying staking rewards as “created property.”
ferguson.house.gov/news/docu…
Sensible taxation of cryptocurrency.
Proud to introduce the bipartisan Providing Tax Clarity for Digital Assets Act with @RepWileyNickel to clarify within the tax code that digital asset rewards are to be collected at the point of sale, while codifying staking rewards as “created property.”
ferguson.house.gov/news/docu…
Reporting "digital asset" receipts under tax code section 6050I --
I walk through the elements of the statute in this article,
ssrn.com/abstract=4137761
Tax code 6050I report with @TeamPOSA also here:
static1.squarespace.com/stat…
To help explain how tax code section 6050I will (and won't) work for "digital assets," I use examples involving physical cash in this article:
coincenter.org/congress-take…
I address tax code section 6050I's apparent consequences for DeFi and NFTs here:
decential.io/articles/defi-a…
Here is our complaint @coincenter explaining why the amended 6050I is unconstitutional. This case is currently on appeal on a threshold question.
drive.google.com/file/d/1wMR…
New crypto tax reporting obligations took effect on Jan 1.
If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge.
Abraham Sutherland retweeted
New crypto tax reporting obligations took effect on Jan 1.
If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge.
Abraham Sutherland retweeted
We applaud @PatrickMcHenry, @RepRitchie, et al for the Keep Innovation in America Act, which fixes the definition of “broker” in the IIJA, as well as resolves the critical 6050i provision
#NEW: Chairman @PatrickMcHenry, @RepRitchie, colleagues reintroduce bipartisan legislative fix to digital asset reporting requirements.
The Keep Innovation in America Act provides critical clarification to crypto provision in the #IIJA.
👇 Read more 🔗 financialservices.house.gov/…
Abraham Sutherland retweeted
The Jarretts deserve their day in court and to have their arguments heard on the merits. If the IRS is right on the law, then a district court would find for it.
This case matters to every US taxpayer who wants to participate in crypto through staking.
H/T @abesutherland
ConsenSys shows its support for Jarretts’ efforts to force a tax policy decision. cointelegraph.com/news/conse…
Abraham Sutherland retweeted
Staking "Income" Should Not be Taxed - marginalrevolution.com/margi…
Newly created property is never taxable income. Only taxpayer gains should be taxed. It would be doubly tragic if the first-ever breach of the first principle guaranteed the violation of the second principle as well.
Again with @ConMcPLLC, glad to represent Coin Center in its lawsuit against OFAC
With @ConMcPLLC, glad to be representing Coin Center and others harmed by Congress's amendment to Tax Code s. 6050I, an unconstitutional burden on cryptocurrency users
Coin Center has filed a court challenge against the Treasury Dept. over unconstitutional financial surveillance coincenter.org/coin-center-h…