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Digital assets are the future of finance. Thwarting the U.S. market only weakens our global financial position and allows other countries to dictate how these assets should regulated. Ceding our power in this way is short-sighted and inadvertently fails to protect consumers.
The Wyden-Lummis-Toomey amendment is simple. It clarifies in law what most of us already believeโthat validators of distributed ledger data like miners & stakers, hardware wallet providers & software developers should NOT be required to report transaction data to the IRS.
Do what you say youโre going to do. Our amendment protects miners as well as hardware and software developers. The other does not. The choice is clear.
The first principle here should be: DO NO HARM.
The Warner-Portman-Sinema amendment will drive developers to create software outside of the U.S.
I urge my colleagues to oppose it and join me, @RonWyden, and @SenLummis in protecting American innovation.
Now isnโt the time for the IRS to pick winners and losers with a new technology.
Crypto has the potential to be the future of the internet.
How foolish to crush it over a tax provision that possibly raises just $500 million per year more in a $1.2 TRILLION bill.
While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. Thatโs horrible for innovation.
With the current rise๐in the price of #bitcoin and the upcoming halving๐๐, the https://t.co/vCNztABJoG University has recently published this article๐about how bitcoin works - https://t.co/URODOaL7Xi #bitcoinhalving#bitcoinhalvening