The US Congress is in the process of preparing a new crypto taxation bill that is said to regulate digital assets to a certain extent and also implement taxes that have received broad coverage from global media. The recent proposition has caught the attention of Tesla CEO, Elon Musk who has come forward and expressed his support to the crypto community.
Musk tweeted in response to Coinbase CEO, Brian Armstrong who has labeled the upcoming bill as “disastrous” and is of opinion that the bill might pose hindrances in course of conducting crypto transactions in the region.
Elon Musk Extends His Support to Crypto Community
The US congressman has been drafting a new crypto taxation bill that attempts to regulate the growing crypto transactions and also imposes taxes on digital assets. The recent bill development has caused a visible stir in the domain of crypto as the new bill propagated by Senator Mark Warner and Rob Portman actively attempts to implement taxes at all possible aspects of cryptocurrency undertakings and categorize them all under the term of “brokers.”
Senator Cynthia Lummis, Ron Wyden, and Pat Toomey had previously made additions to the bill that were less rigid to comply but the recent proposition suggested by Mark Warner and Portman had attracted the attention of crypto enthusiasts across the world and has described the newest suggestion to the bill as harsh and strict.
The amendment suggested by Senators Lummis and Portman seeks to exclude the proof of work miners and sellers of the wallet. The following modification has also received support from the Biden government.
The crypto community on the other hand has opposed such strict amendments and has urged lawmakers to revise their rules and regulations. Coinbase’s CEO Brian Armstrong in particular has raised his voice against the bill and has stated why asking proof of stake validators to submit to such rules while excluding the work of proof miners is similar to asking for an “impossible” task to happen.
Aside from such growing opposition raised in contrast to the proposed bill, Tesla CEO Elon Musk has tweeted in support of Brian Armstrong and has urged the lawmakers to not pick any losers or winners in crypto technology as there is no possible crisis that compels hasty legislation.