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September 20, 2021updated 19 Jan 2022 7:39am

Twitter round-up: Jerry Brito’s tweet on crypto tax reporting provision in the infrastructure bill the most popular tweet in August 2021

Electronic Payments International lists five of the most popular tweets on payments tech in August 2021 based on data from GlobalData’s Influencer Platform.

The top tweets were chosen from influencers as tracked by GlobalData’s Influencer Platform, which is based on a scientific process that works on pre-defined parameters. Influencers are selected after a deep analysis of the influencer’s relevance, network strength, engagement, and leading discussions on new and emerging trends.

The most popular tweets on payments tech in August 2021: Top five

1. Jerry Brito’s tweet on crypto tax reporting provision in the infrastructure bill

Jerry Brito, executive director of Coin Center, a non-profit research center focused on addressing public policy issues related to digital currency, shared a letter on the need to amend the crypto tax reporting provision in the Infrastructure Investments and Jobs Act passed by the US Senate. The letter was originally sent to Nancy Pelosi, the Speaker of the US House of Representatives, by Anna G. Eshoo, the US Representative from California’s 18th congressional district.

The crypto tax reporting provision broadly defined cryptocurrency brokers as those who are involved in the transfer of digital assets on behalf of another person in the cryptocurrency industry. Eshoo noted in the letter that the brokers such as cryptocurrency miners, validators, and wallet developers may not directly know the cryptocurrency buyers and sellers in the decentralised cryptocurrency industry making it impossible for them to comply with the new tax reporting provision.

The letter suggested an urgent need to amend the definition of cryptocurrency brokers to avoid tax evasion, while ensuring that the growth of the cryptocurrency industry is not impacted.

Username: Jerry Brito

Twitter handle: @jerrybrito

Retweets: 192

Likes: 1,086

2. Jeremy Allaire’s tweet on Circle becoming the national digital currency commercial bank

Jeremy Allaire, CEO of Circle, a financial technology company, shared an article on the company’s transition towards a national full-reserve digital currency commercial bank. Circle was established as a digital currency bank that combines fiat money payments with open blockchains. The company introduced the USD Coin (USDC) in collaboration with Coinbase under the Centre Consortium to ensure that the currency conforms to the regulatory standards in the US.

Circle aims to turn into a full-reserve national commercial bank. It will operate under the regulatory guidelines set by the US Federal Reserve, the U.S. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). Circle is working along with the President’s Working Group on Financial Markets to manage the risks and opportunities of private-sector investments in digital currencies and ensure commercial adoption of digital currency standards.

Username: Jeremy Allaire

Twitter handle: @jerallaire

Retweets: 118

Likes: 528

3. Erik Voorhees’ tweet on decentralisation of ShapeShift

Erik Voorhees, CEO of ShapeShift, a cryptocurrency trading platform, shared an article on the decentralisation of the platform. ShapeShift plans to dissolve its legal structure to become a digital decentralised autonomous organisation (DAO) in response to the US government’s Infrastructure Investments and Jobs Act that imposes tax reporting requirements on cryptocurrency brokers.

The platform will become a self-operating leaderless company running on the blockchain under pre-defined rules. Some of the US regulations will not apply to a DAO although the success of such a DAO structure is doubtful as a recent cyber security attack on decentralised Poly Network led to stablecoins, a type of cryptocurrency, worth $600m being stolen. A number of similar DAOs are expected to emerge, if ShapeShift succeeds in its attempt to become a DAO, the article added.

Username: Erik Voorhees

Twitter handle: @ErikVoorhees

Retweets: 26

Likes: 145

4. Michael Casey’s tweet on how blockchain file storage can prevent cryptocurrency ransomware attacks

Michael Casey, chief content officer at CoinDesk, a news website focused on digital currencies, shared an article on how blockchain file storage can reduce cryptocurrency-based ransomware attacks. Cybercriminals are initiating ransomware attacks on big firms and locking away important files and computer systems until they are paid in cryptocurrency.

Cryptocurrency transactions are quick, borderless, and difficult to trace, which makes it easy for cybercriminals to perform such ransomware attacks. The need to provide a new security system against such cyberattacks has emerged, stated the article. Arweave, Filecoin, Skynet, and Storj are some of the decentralised storage networks that provide safe and risk-minimised data storage services at a small fee. Decentralised storage reduces the attack surface as the data or files are distributed across the network, the article added.

Username: Michael J. Casey

Twitter handle: @mikejcasey

Retweets: 19

Likes: 56

5. Brock Pierce’s tweet on Ukrainian Central Bank being allowed to issue digital currency

Brock Pierce, general partner at SpaceFund, a venture capital firm, shared an article on new legislation passed by the government of Ukraine that allows the National Bank of Ukraine (NBU) to issue its own digital currency. The new legislation is aimed at modernising payment services in the country and encouraging innovation in the financial sector.

The NBU is planning to establish a regulatory sandbox, through which it will examine new services and technologies in the payments sector. The platform will also enable the bank to understand the needs of the sector and build relationships with start-ups. The new legislation aligns with the European Union’s (EU) framework aimed at integrating Ukraine’s payment system with that of the EU. It will ensure transparency and strengthen consumer protection by enforcing strict requirements for payment service providers in the country.

Username: Brock Pierce

Twitter handle: @brockpierce

Retweets: 9

Likes: 29

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