Speaker unverified: preference

Transcript context

…Yeah, like the default is that you do. Yeah, the default is. One of the first thing I did is like, I need a software. This is all on chain, so surely, there's a way for this to automate and track for me. I won't name the product because I can't endorse a product, but I found a particular software that I liked, that I used, and helped me track all that stuff. The motivation was a sincere one, which is, hey, we want to make sure that the people aren't evading taxes. Actually, that's what it was. It wasn't a tax on the broker. It was going to require anybody who was defined as a broker to provide tax information to the IRS. It would have required developers to all of a sudden provide tax information. Which makes sense if you're not familiar with crypto, because that is the way that our USD-based infrastructure works, where if you have a brokerage account somewhere, you can just count on the fact that it's calculating all your taxes for you, it'll tell the IRS, and it'll send you a copy so that you know what to pay or at least you know what to include in your tax return. Because that's not mandatory in crypto, none of the brokerages do it. It's actually a little bit difficult in many ways, especially in DeFi to figure out what your taxes are. But you face this other problem where it may not be what we think of as like a brokerage or an exchange that is generating these taxable events for you. You would need every application developer to be spitting these things out too, which is, as you mentioned, pretty untenable.…

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