Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, January 3rd, and today we are talking about a very

dangerous new provision that has seemingly come into effect. Before we get into that,

however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a

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Well, friends, if you were around at the beginning of the last cycle, you probably remember

the battle around the infrastructure bill.

It was in the summer of 2021, and basically the big dustup was around a pay-for provision

that would change the definition of a broker

in such a way that lots and lots of people in the crypto ecosystem would have to report information

about people that they didn't have any information on.

Initially, crypto folks in Washington assumed it was a mistake, but they soon found out that

it was not and was a pretty active threat to crypto from the Treasury

Department, which led to the big battle around the bill and the coming together of the

crypto policy movement for the first time in a really big way. Well, there was another provision

in that bill that I did a show about back on October 2nd, 2021 in an episode called

This Overlooked Crypto Tax Provision would be a disaster.

The issue that I discussed is now one that has come to light and has been dominating

Twitter discourse for the last day or so. So basically what's going on is that the beginning of

the new year has brought a new tax provision in that 2021 infrastructure bill into force.

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