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Elon Musk Says It’s Wrong Time for U.S. Senate to Pick Winners and Losers in Crypto

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Sat, 08/07/2021 - 07:47
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Yuri Molchan
Tesla chief has commented on a tread by the Coinbase CEO where the latter slams the new crypto tax provision and an amendment suggested to it recently
Elon Musk Says It’s Wrong Time for U.S. Senate to Pick Winners and Losers in Crypto
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Elon Musk has joined the discussion of the late Portman-Warner amendment to the recent crypto taxation provision suggested by U.S. Senators Patrick Toomey, Ron Wyden and Cynthia Lummis.

The amendment works in favour of Proof-of-Work miners and against Proof-of-Stake ones (and crypto projects that run on these consensus algorithms), among other its provisions.

Brian Armstrong slams the US Senate for hasty decision on the crypto industry

The head of the largest and publicly trading US crypto exchange, Coinbase, has tweeted that now we are witnessing one of the moments that may define the future of the crypto industry.

By proposing the crypto tax provision and a late amendment to it, supported by the administration of the president Joe Biden, the government is trying to decide which crypto project will survive in the future and which will not.

The new amendment favours PoW-based crypto projects and “proof of stake validators to comply with the impossible”.

In the nascent blockchain industry there are every projects emerging every day, Armstrong wrote, and by making hasty legislative decisions, the US government runs a big risk to “get it wrong”.

Coinbase CEO concludes:

“This is disastrous.”

Related
Janet Yellen Lobbying Against Favorable Amendment to Cryptocurrency Tax Provision

Musk says it’s the wrong time for picking winners or losers in crypto

The centibillionaire Elon Musk commented that it is the wrong time now for deciding which crypto projects should be allowed to operate freely and which will not make it to the future.

Besides, the Tesla CEO said that the situation is not that bad to impose such hasty legislation.

As reported by U.Today earlier, the founder of Cardano and IOHK Charles Hoskinson also poured heavy criticism on the aforementioned crypto taxation amendment by Senator Portman, urging the crypto industry to stand together against this, leaving aside all differences, likes and dislikes.

The son of legendary John Lennon, the pro-crypto Sean Ono Lennon supported him on Twitter.

The new amendment is expected to be voted on Saturday, August 7.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.