I always appreciate reading your comments even though I don't necessarily agree with the position you take.
However, I'm wondering, how would "1. An annual wealth tax on crypto holdings to fund (a) a victims’ compensation fund and (b) an enforcement agency;", make any sense? Why would someone who owns, say, Bitcoin, be required to pay a "wealth tax"? What is the rationale? Just because there are other people who use the Bitcoin system illegaly? If USD is used illegally, should everyone who holds USD pay a "wealth tax"?
In terms of "3. Reporting requirements for crypto transactions, crypto-fiat or DeFi, above $10k, individually or in aggregate. Civil fines for first time violators. Criminal referrals for repeat, large-scale violators.", how do you propose reporting works for personal wallet addresses, or DeFi protocols? It seems to me like the implementation of that would be a nightmare, not to mention the concerns with privacy.
> If USD is used illegally, should everyone who holds USD pay a "wealth tax"?
Don’t we? The FBI and Secret Service are funded out of taxes. I don’t think someone who has never touched crypto should pay for crypto crimes. One could introduce a transaction tax, but that seems messier than counting up your crypto once a year.
> how do you propose reporting works for personal wallet addresses, or DeFi protocols?
Same way it does with cash. Most people voluntarily comply. Criminals don’t, and occasionally get busted.
However, I'm wondering, how would "1. An annual wealth tax on crypto holdings to fund (a) a victims’ compensation fund and (b) an enforcement agency;", make any sense? Why would someone who owns, say, Bitcoin, be required to pay a "wealth tax"? What is the rationale? Just because there are other people who use the Bitcoin system illegaly? If USD is used illegally, should everyone who holds USD pay a "wealth tax"?
In terms of "3. Reporting requirements for crypto transactions, crypto-fiat or DeFi, above $10k, individually or in aggregate. Civil fines for first time violators. Criminal referrals for repeat, large-scale violators.", how do you propose reporting works for personal wallet addresses, or DeFi protocols? It seems to me like the implementation of that would be a nightmare, not to mention the concerns with privacy.