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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Oct 26, 2021

Remember the $1 trillion infrastructure bill, which caused considerable backlash from the crypto community due to the language regarding “brokers?” Abe Sutherland, an adjunct professor at University of Virginia School of Law, believes another provision tucked inside the bill could end up being a far more significant issue for anyone transacting in digital assets. Show highlights:

  • how Abe fell down the crypto rabbit hole
  • what provision 6050I is and how it could affect anyone transacting with digital assets
  • how 6050I works and when it would apply
  • why violating 6050I would be a felony
  • how 6050I discourages digital asset transactions
  • how 6050I would apply to different transaction types, like peer-to-peer trades, NFT sales, and smart contract escrow accounts
  • what information recipients of digital assets must verify from the sender
  • how the government came up with the $10,000 reporting threshold and why Abe believes this number is outdated
  • why Abe thinks proposing 6050I within the infrastructure bill is inappropriate
  • what reasons the government has to want to put such stringent reporting requirements on digital asset transactions 
  • how 6050I fits under the financial laws of the Bank Secrecy Act
  • why Abe believes the amendment should be struck from the infrastructure bill
  • what Abe thinks of the constitutionality of 6050I
  • how Abe views 6050I as less about generating tax revenue and more about tracking people’s digital asset transactions
  • what action steps he says the crypto community can take to fix the bill

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Episode links


Abe Sutherland


Medium Post:


Information on 6050I


Unchained coverage of the infrastructure bill


Coverage on the original amendment regarding “brokers:”