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US Treasury Secretary Janet Yellen was slammed by Senator Cynthia Lummis for her support of a the new requirement to report every transaction over $600 to the IRS.

> “Banks do not work for the IRS. Wyoming‘s people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they’re trying to hide anything, but because they are not willing to share everything,” she said.

https://www.dailymail.co.uk/news/article-10041521/Cynthia-Lummis-launches-tears-Biden-proposal-report-transaction-600-IRS.html



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25 Comments

  1. they’re trying to close all of the exits. they want to prevent people from stampeding out of the exit doors of the burning theatre of the economy.

    bitcoin is the only door they can’t close.

  2. That’s like a tank of fucking gas these days. If they keep blowing up the money supply were gonna need $1,000 and $10,000 dollar bills, forget trying to lower the reporting perimeters what a fucking joke.

  3. This is going to be impossible to implement. Even right now, banks are completely overwhelmed with reporting transactions to FinCen for AML purposes, and those are only the “suspicious” transactions, which is a fraction of regular transactions.

    Reporting every transaction over $600 is going to be an impossible nightmare for banks.

  4. How about regulate those Walllstreet criminals instead of taking their ~~bribes~~ speakers fees?

    I suppose letting the scumbags crash the economy make many homeless will help crypto in a way.

  5. The government wants to track you and control you. Anything not USD is a perceived threat to the state and the corporate powers that control the state. There will be an “exit the system” moment, which was the original intention of bitcoin.

  6. Looks like I’ll be doing $500 a day forever. This is what it looks like when a democracy is trying to turn back into a communist party. We go to work. We pay taxes. Now you want to monitor minuscule money spending? Tyrants!

  7. Anybody who knows WY, as well as I do, knows that Teton county and some areas in the Big Horn region are the only areas with any money. And in Teton County they have LOTS of money. Central WY is abject poverty, mostly in the Wind River Native American community. Ranchers are not investing in Crypto, and Teton County residents have their millions and billions managed by wealth management firms and hedge funds. WY does have a presence of Crypto miners, but only because of cheap energy costs. There is almost no investment in Crypto in the state. (Wilson WY part time resident).

What do you think?

Daily Bitcoin News September 30th, 2021

Bitcoin is Important And The Crypto Industry is Too Large To Ignore

Bitcoin is Important And The Crypto Industry is Too Large To Ignore