Crypto Regulation is happening in the U.S according to Infrastructure Bill. Tesla CEO and Coinbase CEO agree that winners or losers in cryptocurrency innovation should not be picked hastily by the U.S. government.
Recently, the White House has backed a crypto tax amendment named the $1 trillion infrastructure bill. This bill endorses the Proof of Work (PoW) over all other methods available. This bill is drafted by Senators Mark Warner, Kyrsten Sinema, and Rob Portman. Many lawmakers and the crypto community is criticizing and opposing this bill. A day before a bill was presented by Senators Pat Toomey, Cynthia Lummis, and Ron Wyden which has the full support of the crypto community over Crypto Regulation.
Crypto Regulation talk of Musk and Brian
Musk, which is also known for his FUDs, has dived into a heated discussion on the U.S. government tax amendment Infrastructure bill. Brian Armstrong, CEO of Coinbase, shared a thread through his Twitter handle about crypto tax amendment “that would decide which foundational technologies are OK and which are not in crypto. This is disastrous”
Musk agreed with Brian and told that this is not a situation of crisis that is compelling the U.S. government for such hasty legislation. The revised version of the amendment does not limit validator exception to PoW but still, there is no protection for protocol developers.
Brian has warned the government of the U.S that it should not fail to embrace such the fastest-growing sector of the economy. He also says that this innovation can move offshore to a country like China which is embracing it. He added:
If the U.S. fails to embrace the innovation happening in crypto, it risks becoming a financial backwater, missing out on one of the fastest-growing sectors of the economy. Imagine if we had missed out on the internet, and the largest internet companies had been built overseas.
These Crypto Regulation are very important for next movement of the market. For more similar article click here.