Elon Musk On The Side of Crypto And Against The Tax Proposal

Elon Musk, billionaire entrepreneur and inventor supports crypto and takes a side against a new crypto-tax proposal by US Senate. Specifically, the taxation bill is proposed by Senators Mark Werner and Rob Portman. More specifically, they ask for an ‘immediate’ amendment that will tax every strand that is in connection with the term broker. What is even more concerning, is that the President’s administration seems to support this decision.

However, many experts and fellow politicians think the decision is ‘hasty’. For example, Senators Cynthia Lummis, Pat Toomey, and Ron Wyden provided a counter-resolution, which significantly fewer restrictions. Elon Musk supports crypto quite a lot, and he also believes that there is no need to seek drastic measures without a crisis in sight. More specifically, he said on Twitter:

This is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.Elon Musk | CEO of Tesla

While the latest proposal will not include wallet sellers and PoW miners, it certainly doesn’t please the public. Not only that but several blockchain CEOs were quite vocal when stressing their disapproval of the taxation bill. Brian Armstrong, CEO of Coinbase is one of the more vocal on the subject, cannot seem to realize why PoS miners are part of the bill, while PoW is part of the exclusion. Similar to Barry Silbert, CEO and founder of Digital Currency Group who runs a relentless campaign to spread the word.

Whatever the case, the vote in the Senate is in the upcoming days. It remains interesting how this situation will unfold, given that President’s Biden administration is pro this taxation. Although that is not a strong indicator, having the favor of the chief-in command is always a good side. That is for those who wish for this bill to pass.

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