Looks like the Senate want to classify digital assets as "specified securities". But what does that mean for you?

The so-called edw21a09 version of the infrastructure bill working its way through the United States Senate allegedly wants to change the law so that people who work with digital assets like Bitcoin, NFTs, and voting shares in groups like Bisq would need to do hours of privacy violating, time wasting paperwork.

Do you want to mint a second layer token? How about make a copy of some NFT art you created? The IRS says you must spend on average more than 4 hours your life doing pointless paperwork or they will bring the hammer down on you.

Learning about the law or the form 35 min.

Preparing the form 40 min.

Recordkeeping 2 hr., 52 min.

If anyone has the most up-to-date copy of the infrastructure bill, please post it in the comments. We need to stay on top of this now, or else we will have lots of annoying, invasive, and unnecessary restrictions in the future. Think of all the time you lost and will lose because bureaucrats force you to do paperwork. How does that feel? We need to stay out of the jail of bureaucracy.