Coin Center's take on the 5% remittance tax in the big "beautiful bill." The good the bad and the ugly?

Good: as drafted doesn't apply to peer to peer transactions or create liability for software developers.

Bad: outside of self-custodied crypto, it will force Americans to identify themselves and use only "qualified" remittance providers according to unwritten standards set by treasury, if they want to avoid the tax.

Ugly: it could trigger a renewed attempt to implement the midnight rulemaking from 2020 to force providers to identify people who are not their customers.

In the end is a big beautiful bill with even bigger privacy questions.