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Coinbase CEO Brian Armstrong says the Crypto Tax Bill is senseless

Coinbase CEO Brian Armstrong has hooped on the bandwagon of critics against the White-House-backed Crypto tax bill.

Armstrong made his case in a sequel of tweets posted on Friday, complaining that the proposed law was formulated in a hurry and “makes no sense”

“This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore,” Armstrong said.

The amended infrastructure bill submitted by  Senators Mark Warner (D-VA) and Rob Portman (R-OH) classify crypto miners and developers as “brokers” hence mandating them to pay tax.

Popular figures within the crypto community like Cardano (ADA) Founder Charles Hoskinson and Coinbase pioneer Brian Armstrong have expressed their disdain at the amended bill, with some threatening to take legal actions if it is passed.

The expectation from the crypto family is that the alternative bill submitted by another faction of the Senate house which includes Ron Wyden (D-Or), Pat Toomey (R-Pa) and Cynthia Lummis (R-Wy) will challenge and defeat the one proposed by Senators Mark Warner (D-VA) and Rob Portman (R-OH).

But the Presidential approval stamp given to the latter will give the Warner-Portman camp a huge boost.

NEXT: White House backs amended hostile bill imposing tax on Crypto Miners and Developers

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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