Ahead of the crucial vote on crypto taxation from the US Congress, the crypto community has received support from the tech entrepreneur Elon Musk.
The crypto community continues to rally the troops just hours ahead of the crucial vote on digital asset taxation from US Congress. Earlier, the White House had shown interest in supporting the crypto tax bill that could be damaging to the crypto industry. From the two proposed tech infrastructure bills, the US government is interested in the one that is seen by the crypto community as more dangerous.
Senators made a last-minute amendment to the bill.
US Senators Mark Warner and Rob Portman proposed an amendment that wants to tax almost all aspects falling under the broad term “broker.” Senators Cynthia Lummis, Ron Wyden, and Pat Toomey made a contra-proposition with significantly less harsh rules, but Warner and Portman made a “last-minute amendment,” which caught the eye of crypto insiders. US Senators’ latest proposition excludes only proof of work miners and sellers of crypto wallets. Interestingly, though, the Biden Administration supported this particular amendment.
The crypto community objects to the amendment.
The crypto community quickly responded with countless prominent names showing their concern and urging people to “call your Senators” and “tell them you want innovation and economic prosperity to stay in the United States,” as Anthony Pompliano noted. Barry Silbert, Founder and CEO of Digital Currency Group, even added the move is “making a difference” as the “Senator outreach efforts have a positive impact.” He also advised his followers to “keep calling, emailing, and tagging your representatives in tweets.” Along with Coinbase CEO Brian Armstrong, Tesla’s CEO also joined the discourse. Elon Musk agreed with Armstrong and noted that “this is not the time to pick technology winners or losers in cryptocurrency technology,” as there is “no crisis that compels hasty legislation.”