The Next Hot Trade in Cryptocurrencies
"The original language was too broad with respect to what is a broker," R Street Institute Senior Fellow Bryson Bort said. "The problem was that it was such a broad definition – does that mean that people that build software that crypto miners use, are they going to have to report to the IRS?
What about if you build hardware? What if you're just providing the network service?" As for investing in this digital currency, it can be as good or bad idea as it was to buy Doge coin in its early days, when it seemed just a joke inspired by the Doge puppy meme and no one suspected that it would become Elon Musk's favorite, who would make it rise like foam. Click here for more information: Bitcoin, Ethereum, Crypto News and Price Data
Bort added: "This is government regulation playing catch-up to something that's been out there. There are going to be winners and losers in the because inherently you're deciding the net that governments going to come down on and you're swept up in that net or you get to watch it swoosh right by you."
"Our amendment protects miners as well as hardware and software developers," Lummis said in a tweet. "The other does not. The choice is clear." The Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure.
That high income taxpayers are contributing what they owe under the law," Bates continued. "We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue; however, we believe that the alternative amendment… strikes the right balance."
But Wyden, Toomey and Lummis strongly disagreed, accusing the White House and their fellow senators favoring some parts of the crypto industry specifically proof of work mining over others.
"The Warner Portman Sinema amendment provides a government
sanctioned safe harbor for the most climate damaging form of crypto tech,
called proof of work," Wyden said in a tweet. "It would be a mistake
for the climate and for innovation to advance this amendment."
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