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Following the U.S. Senate rejecting the crypto infrastructure bill, IOHK CEO Charles Hoskinson has shared his willingness to set up a rally in Washington D.C. to protest on the matter.
Charles Hoskinson Wants to Set Up Crypto Rally
On Aug 9, the U.S. Senate rejected a bipartisan compromise amendment to the $1 trillion infrastructure bill regarding cryptocurrency tax reporting, giving major blows to the potential future of the crypto industry in the country.
“I think it’s about time we get a rally going in Washington DC. I’m going to make some phone calls. More on this later.”
“Just watched live the senate, it was a really tense moment, listen to senators speaking how badly this bill can damage the crypto industry. I have no intention of living in a dying empire, and every other American listening feels the same way, so we cannot allow some 87 year old, aged passed, to stand in the way of progress of this nation so we need to work together.”
Senate Rejects Amendment to the Infrastructure Bill
A recently amended crypto-friendly proposal presented by Pat Toomey, R-Pa., Cynthia Lummis, R-Wyo., Kyrsten Sinema, D-Ariz. and, Rob Portman, R-Ohio would have excluded miners and protocol developers from reporting report crypto gains.
However, the current compromised amendment bill requires “any person who responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person”. This targets miners, developers, stakers, and others who do not have customers and therefore wouldn’t have access to the information needed to comply.
However, the Senate did not vote unanimously, with Sen. Richard Shelby, R-Al., objecting, therefore the original provision of crypto tax reporting will remain.
Crypto advocates worry this provision could stifle crypto innovation in the U.S. and push businesses to other jurisdictions and potentially cause confusion around crypto tax reporting requirements.