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Charles Hoskinson Suggests Solutions Against Legal Amendment That May Harm Crypto Industry Badly

source-logo  u.today 06 August 2021 08:18, UTC

In a recent video, founder of Cardano and IOHK, Charles Hoskinson addressed the US crypto community regarding the amendment offered by Senator Portman and a few others that makes crypto taxation way harder that it is now.

Hoskinson has suggested several simple steps that can prevent this amendment from being adopted in a vote on Saturday. Some solutions he suggested are the same offered by the pro-crypto US Senator Cynthia Lummis in her Twitter blog.

Being Productive in the Face of Chaos https://t.co/Vl3ACtCLy1

— Charles Hoskinson (@IOHK_Charles) August 6, 2021

Here’s what Hoskinson suggests – three simple steps:

Contacting Senators

Charles believes that the step number one that should be taken by all members of the US crypto community is calling their Senators’ and Congressmen’s offices, emailing them and sending them a letter by post.

In all the three, they should tell Senators what their concerns are if the amendment does get passed. Crypto community members should make it clear to Senators and Congressmen how important the crypto as innovation is for the future of average people in the US, as well as for businesses.

If Senators see a tsunami of those messages coming in by phone, mail and email, that would be at least something to start with, Hoskinson believes.

We NEED you. Pls call your Senators. Pls tweet. Pls email. We are facing major headwinds on the Wyden-Lummis-Toomey amendment. Burying financial innovation in red tape & sending devs + miners on info collection wild goose chases for info they don’t know is horrible policy. https://t.co/7GRNIUkpKs

— Cynthia Lummis 🦬 (@CynthiaMLummis) August 6, 2021

Making public lists of pro- and anti-crypto politicians 

The second is that Charles reckons it is vitally important to create a website where politicians and lawmakers would be divided in two groups – pro-crypto and anti-crypto. That should be an industry-wide effort, he added.

The whole industry must come together and set the maximalism aside in the face of greater concerns for everyone. At the end of the day, the IOHK founder suggests supporting pro-crypto politicians financially in their campaigns and boycotting those who will vote for the Portman amendment and tougher tax measures on the crypto industry.

Hoskinson wants the Senators and Congressmen who will vote for the amendment to see the negative consequences from their electorate and realize that they had made the wrong choice, thus facing the political aftermath of their actions.

Every time they will run for an election, pro-crypto ones will be supported massively, while anti-crypto ones will see their support fading.

Educating people and getting media attention

The third important thing is that everyone, from large and small companies, to average crypto enthusiasts should educate as many people on crypto and the amendment as possible – by blogging, tweeting about it, etc.

As for himself and IOHK, Cardano, Hoskinson stated that he would do his best to get as much media attention on it as possible and asks other companies – even Cardano haters, like Blockstream and ConsenSys – to do the same.

We will eventually get rid of anti-crypto candidates and will replace them with those who realize the importance of crypto for the future of the humanity, including the way how markets will function, how people will be allowed to earn money and pay taxes on it.

Besides, political and regulatory decisions made on the crypto industry in the USA are likely to set an example to the governments in the rest of the world.

u.today