Charles Hoskinson, the founder of Cardano (ADA), has some hours ago addressed the United States crypto community in relation to the amendment proposed by Senator Portman and two others to make crypto taxation unbearable in the country.
In a live stream on 6th August 2021, titled “Being Productive in the Face of Chaos,” Hoskinson suggested the necessary action that the crypto community in the U.S. should urgently take to save cryptocurrency from the anti-crypto infrastructure bill backed by the White House.
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The bill seeks to raise $28 billion for infrastructure financing via unbearable taxation on cryptocurrency transactions. It also proposes the imposition of additional reporting requirements for crypto brokers, which will widely affect the crypto community in the United States.
Charles Hoskinson noted:
“If something like an infrastructure bill can be used so dramatically to change the face of our entire industry and the compliance requirements, then we have to understand that this is the first of many salvos that are coming our way, so it’s incredibly important that we attach political consequences to attacks on our industry.”
The worst scenario in this situation as mentioned above is the public support of the White House for the anti-crypto amendment proposal. On 5th August in a statement, the White House pointed out that the “amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance.”
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Suggesting an urgent solution, Cardano creator urged the crypto community members in the United States to start sharing their feelings about the proposed amendment to their respective senators through different means, such as email, phone call, Text, among others:
“So between now and Saturday, the best we can accomplish is write your congressman write your senators and let it be known that you’re not happy about this and educate others and longer-term we need to support political candidates who are blatantly against this I maintain my position that the only way we’re going to get out of this longer-term is by a constitutional convention.
“It is my belief that regulation is coming and this is not the only element of regulation hit our industry more is coming, and it can either be very positive or very negative, and this is kind of a testing the waters moment and depending on how our industry works together is going to completely determine if that regulation is positive or negative.”
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The situation has so far been greeted with mixed feelings. Many believe that the bill, if passed into law, would expose cryptocurrency investors to higher taxes and eventually become an innovation killer. As stated by Cynthia Lummis, a US senator representing Wyoming, the Senate will vote on the infrastructure bill on Saturday.
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