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 Sunday, December 17th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you're enjoying The Breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

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slash breakdown pod. Well, friends, the big theme right now is, I think, on the one hand, the last gasp frustration

efforts of the anti-crypto army to drag us back and really use the plights and pains of the last

couple years to bring the industry down.

While at the same time, the market side of things, the investor side of things,

the institutional side of things is marching relentlessly ahead. So we're going to read a piece

that has to do with each of those sides of the equation, and we're kicking it off with a fire

little piece from former IRS Commissioner Charles Reddigg called IRS Digital Assets Plan

would be a setback for taxpayer services. Former Commissioner Red Reddigg, called IRS Digital Assets Plan, would be a setback for

taxpayer services. Former Commissioner Redig says,

Proposed IRS tax reporting rules for digital assets are antithetical to the agency's mission

to provide quality taxpayer services for all Americans and enforce tax laws fairly and efficiently.

It's important that U.S. tax rules are updated to

fairly capture new innovations in finance, and cryptocurrency is no exception. But instead of collecting

relevant transaction data, this expansive rule would set a dangerous precedent, capturing consumer

data at a scale that would undermine IRS capacity to perform essential functions with harmful consequences

for taxpayer services. When Congress passed the Infrastructure and Jobs Act in 2021, the law

...