Conner Brown รีทวีตแล้ว
Conner Brown
191 posts
Conner Brown
@BitcoinConner
Managing Director at Bitcoin Policy Institute | Fmr. Counsel for Senator Lummis, @Cravath @Stanford | Working towards an abundant American future.
เข้าร่วม Haziran 2025
323 กำลังติดตาม4.1K ผู้ติดตาม
Even more concerning news today on the Bitcoin tax front. We’re going to need the Cyber Hornets for this one. 👇
Today’s new draft **leaves the double taxation on bitcoin mining in place** and only provides relief to staking.
So now the proposal is:
- De minimis for stablecoins but not Bitcoin
- Fixing tax treatment for “passive validation” (I.e. staking) but not Bitcoin mining
This contradicts all prior proposals on this issue. This is not tech neutral and picks winners and losers for no reason.
Full statement from BPI coming soon about @RepHorsford and @RepMaxMiller’s draft.
We need strong community push back to show that this language sets America and Bitcoin back.
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Conner Brown รีทวีตแล้ว
Bitcoin and stablecoins are essential tools of economic statecraft. Yet legacy banks have fought for years to block their adoption, both here at home and abroad.
No country benefits from this hostility more than China.
In an effort to protect their competitive moat in recent digital asset legislation, America’s banks are unwittingly doing Beijing’s bidding. They are undermining our nation's global economic influence and strengthening the digital yuan.
To understand how, read our latest op-ed in the @WashingtonPost @PostOpinions:
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Today’s briefing on a De Minimis exemption for Bitcoin was a great success. Our panel delivered a strong, data forward case for De Minimis relief.
Coinbase presented new stats showing that a De Minimis exemption would bring administrative relief by saving millions of unnecessary forms being sent to the IRS.
Thank you again to @karacalvert , @janessalopez__ and @wmongan for participating and all the staffers who joined. We’ll keep everyone updated as legislation progresses.
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Great news for self custody! Our contacts on the ground in Kentucky have told us that lawmakers are withdrawing the backdoor language after seeing the strong response from the Bitcoin community.
Thanks to everyone who signal boosted this issue.
We’ll keep you posted as the bill continues through the Senate.
Bitcoin Policy Institute@bitcoinpolicy
Section 33 of Kentucky's HB 380 gives hardware wallet manufacturers two choices: build a backdoor, or stop serving Kentucky customers. Either outcome harms consumers. We've written to Senate President Stivers urging its removal.
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Very excited for tomorrow's briefing for staffers on Capitol Hill to discuss the importance of a De Minimis exemption for American competitiveness.
Thank you to @coinbase, @blocks and @river for participating and bringing new data to the conversation in D.C.
Kara Calvert 🛡️@karacalvert
Tomorrow I'll be joining @BitcoinConner, @BitcoinPolicy, @blocks, and @river to make the case for de minimis tax relief for all digital asset payments. I'll be sharing timely net new Coinbase data underscoring the need for a de minimis threshold and reporting refinements. Tax modernization isn't a niche ask — it's core to keeping America's payments competitive.
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Today BPI sent a letter to President Strivers of the Kentucky Senate about the recent amendment affecting hardware wallet providers in Bill 380.
We'll keep you posted on further developments.
Bitcoin Policy Institute@bitcoinpolicy
Section 33 of Kentucky's HB 380 gives hardware wallet manufacturers two choices: build a backdoor, or stop serving Kentucky customers. Either outcome harms consumers. We've written to Senate President Stivers urging its removal.
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Conner Brown รีทวีตแล้ว
Support the Bitcoin Policy Institute.
The work they are doing has never been more important.
Keith Mukai@KeithMukai
Interesting. Each insignificant pleb donation to @bitcoinpolicy lets them accept more funds from GIANT donors. Plebs do pleb things so whales can do whale things. 🤝 I'm in for $10/mo.
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@BitcoinNewsCom Bitcoin Policy Institute*
Very important distinction 😉
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NEW: The Blockchain Policy Institute is urging Kentucky lawmakers to remove a last-minute amendment in House Bill 380 that would force hardware wallet providers to reset user credentials, calling it technologically impossible and harmful to self-custody. 🐎🏇
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After attending today’s hearing, we reviewed the Fed’s proposal and Bitcoin’s risk weighting remains unchanged for now.
That being said, the proposal is a huge step in the right direction and opens the door for further reform.
BPI will be submitting a comment to the Federal Reserve shortly on why changing Bitcoin’s treatment is necessary for the long term success of America’s capital markets and free and fair access to the banking system.
This is a multi-trillion dollar question that we have to get right.
Full proposal can be found online here: federalreserve.gov/newsevents/pre…
Conner Brown@BitcoinConner
FYI This morning the Federal Reserve will release a proposal for revisions to the Basel risk weighting standards. Bitcoin is currently treated as a toxic asset under the Basel standards. A change in the guidance would be a big win for American Bitcoiners. BPI will be in attendance at today’s meeting. We’ll keep you updated on text of the proposal and next steps.
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@AlmostHeavenWV_ @bitcoinpolicy Yes, that's exactly why this is silly.
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@bitcoinpolicy If you have your seed phrase, can’t you just restore the wallet on a different device?
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🚨BPI has just learned of an amendment buried in Kentucky HB 380 that would require hardware wallet providers to reset users' seed phrases on request. This would effectively outlaw self-custody in Kentucky. BPI is sending a letter to the Kentucky Senate informing them of the harmfulness of this language.
Section 33 was added as a last-minute floor amendment to a 77-page virtual currency kiosk regulation bill. The underlying bill has political support and is expected to move through the Senate for final passage, possibly within the next week.
The mandate is technologically impossible for non-custodial wallets. Hardware wallets are specifically designed so that no one — including the manufacturer — can access or recover a user's seed phrase. Requiring a backdoor for seed phrase recovery breaks Bitcoin's fundamental security guarantees and pushes users toward centralized custodians that are vulnerable to hacks and failures.
Kentucky legislators should be protecting their constituents' right to secure their own property. We urge the Senate to strip this provision before the bill reaches a vote. Relevant text below
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Conner Brown รีทวีตแล้ว
BPI’s Head of Research @SamLyman33 attended the Federal Reserve’s meeting today about revising Basel’s risk weighting guidance, and we’re digging into all 1200+ pages now. Stay tuned for our thoughts on what this means for Bitcoin.
Conner Brown@BitcoinConner
FYI This morning the Federal Reserve will release a proposal for revisions to the Basel risk weighting standards. Bitcoin is currently treated as a toxic asset under the Basel standards. A change in the guidance would be a big win for American Bitcoiners. BPI will be in attendance at today’s meeting. We’ll keep you updated on text of the proposal and next steps.
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FYI This morning the Federal Reserve will release a proposal for revisions to the Basel risk weighting standards.
Bitcoin is currently treated as a toxic asset under the Basel standards. A change in the guidance would be a big win for American Bitcoiners.
BPI will be in attendance at today’s meeting. We’ll keep you updated on text of the proposal and next steps.
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@thestandard1945 At a high level, we think the Fed should bring Bitcoin in line with other like assets.
Bitcoin is transparent, liquid, easily audited, trades 24/7 and has no counterparty risk. These properties should be reflected in its risk weighting.
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@BitcoinConner What do you hope the new standards will say for bitcoin ?
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The past few months have been filled with developments.
- U.S. publicly reported holdings of Bitcoin increased by over 50% last year.
- Chinese state-backed think tanks are openly discussing bitcoin as a reserve asset.
Our State of Play below breaks down the latest.
Bitcoin Policy Institute@bitcoinpolicy
WASHINGTON, DC - Bitcoin is quickly emerging as a strategic resource that great powers seek to accumulate, exploit and contest. Below is a new State of Play from BPI where we review the last six months in U.S. - China competition for Bitcoin and what to watch on Capitol Hill in the months ahead. We'll continue to update you as the competition unfolds.
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