New Crypto Bill: Bad For Bitcoin?

Get the "Ultimate Guide to Bitcoin" course:
https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin
Use the discount code YT99 to get the best price.

Get my best-selling Bitcoin book:
https://www.amazon.com/gp/product/B08RX8Q4ZQ/

Join the Trader University email list:
https://www.trader.university/email-list

In this video, I discuss the new Lummis-Gillibrand crypto bill and its consequences for Bitcoin and other cryptocurrencies.

The bill contains many good provisions, including a capital gains tax exclusion for Bitcoin purchases of goods and services under $200, and a tax exclusion for Bitcoin mining rewards until they are converted to fiat. The bill also clarifies that borrowing against your Bitcoin will not be construed as a taxable event.

In its current form, the bill also contains too many loopholes, including the question of who gets to decide whether a crypto project is sufficiently "decentralized."

I would prefer if the category of "ancillary assets" were abolished, Bitcoin were put into a class of its own, and all other crypto-assets were turned over to the SEC to prosecute for being unregulated securities.

Ultimately, the US needs Bitcoin more than Bitcoin needs the US. I hope that regulators and legislators understand this clearly enough.

Not investment advice! Consult a financial advisor.

Senator Lummis:
https://www.lummis.senate.gov/

Senator Gillibrand:
https://www.gillibrand.senate.gov/

Lummis-Gillibrand bill executive summary:
https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf

Bitcoin Loans (The Ultimate Guide):
https://www.youtube.com/watch?v=Uvgg3j_uiVw&ab_channel=TraderUniversity

SEC sues Ripple:
https://www.sec.gov/news/press-release/2020-338

Is ETH a commodity?
https://www.sullivanlaw.com/news-ether-is-a-commodity.html

SEC gonna sue Ethereum:
https://twitter.com/namcios/status/1534592858811949057

CFTC chair is hostile to proof of work:
https://twitter.com/CynthiaMLummis/status/1534925122640936960

Check out my online trading courses:
https://www.trader.university/join
Use this secret coupon code to get a discount: YT99

Check out my Amazon best-seller, "A Beginner's Guide to the Stock Market":
https://www.amazon.com/Beginners-Guide-Stock-Market-Everything-ebook/dp/B07S31TBF5

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#cryptocurrency

Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.