The Crypto Tax! White House Vs. Elon Musk, Jack Dorsey, and Ted Cruz

White House Working on Executive Order on Cryptocurrencies

Taxes for your cryptocurrency! Sounds pretty insane right? Obviously yes, owing to the fact crypto is the most spectacular industry which has multiplied the world development 10X times faster than the rather anticipated. On seeing mostly all the individuals investing a significant amount irrespective of many regards, imposing taxes for this would rather pool in billions for a country. Seeking this as a vital point, the U.S has passed a bill that has been accepted and agreed upon by both political parties. However, this has given rise to various firms and CEOs raising their voice against this.

The White House’s Bill

The White House has recently passed an amendment for its legalization of voting. Accordingly, this bill is said to be for imposing taxes upon cryptocurrencies. In spite of this, the sectors upon which the taxes would be imposed are the crypto exchanges, trading firms including brokers too. 

Furthermore, the White House states that this would directly pool in huge amounts to the nation. Also, they term that the proceedings will completely go towards the ‘infrastructure development’ plan of the President, Joe Biden.

Besides, a team of three lawmakers came together to devise this amendment, namely, Senators Ron Wyden, Pat Toomey, and Cynthia Lummis. In addition to this, Senator Cynthia Lummis has many times put forth her comments against the crypto industry evidently.

Moreover, Lummis comments that the crypto industry and the digital assets are on a drastic rise, and such a drastic rise and growth would be a harm, as it is completely affecting the standard economic growth of the world altogether. Also, she continues that the whole industry along with all its attributes is extremely complicated in regards to various new blockchains dominating.

In addition, she terms that this irregular growth has to be properly controlled by imposing certain regulations and taxes such that it doesn’t affect the industry or its operations evidently.  

The Critics 

Accordingly, it is a known fact that no one individual or firm which is into the crypto industry either directly as investors, holders, or even indirectly would accept this new bill being passed.

Despite being accepted by all the political parties of the nation, yet the tech giants of Silicon Valley and other tech places like Washington rise up their voices against the amendment. In spite of this many of the prominent and famous personalities in the industry, such as the CEO of Tesla and SpaceX ,Elon Musk, the CEO of Twitter, Jack Dorsey, and Senator Ted Cruze. 

Accordingly, Elon Musk put forth his comments completely thrashing the amendment. In addition, he states, this bill is completely hasty and not required in this period. Also, he adds that the lawmakers should not decide on which technology should prevail and this is not the right time for such a bill.

Furthermore, Senator Ted Cruze warns that if the bill passes, the crypto industry and the blockchain industry would get affected adversely. Also, he terms that this bill is extremely dangerous. 

In addition to all the above, the CEO of Twitter, Jack Dorsey also strongly believes that this bill will ultimately push out all sorts of developments and innovations not only for the crypto industry but for the whole nation. However, it’s pretty much evident that this bill will halt the crypto and blockchain industry profusely. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.