Home
News
- Bipartisan infrastructure bill aiming to raise $28 billion via crypto taxes
- Rep. Tom Emmer said Democrats don’t have a clear cut policy about cryptocurrency
- Rep. Tom Emmer said Den Beyer has no experience in this field
Cryptocurrency growth has ruffled feathers in political circles, and calls to bring the cryptocurrency trade under some regulation are rising. The updated bipartisan infrastructure bill aiming to raise $28 billion via crypto taxes was criticized by Rep. Tom Emmer of Minnesota, who said the bill was ill-timed and prepared hurriedly.
Questioning the bill, Rep. Tom Emmer said that Democrats had neither a clear-cut policy about cryptocurrency nor any stance publically suddenly pulled out this bill to regulate cryptocurrency. Instead, the bill has been tabled without any foresight or discussions without help from lawmakers who have been working on the topic for years?
Bill proposes to tax the wealth generated by the crypto trade
One Republican was very caustic in his remarks and said that someone in the Biden Administration must have put his colleague up to the task. Rep. Tom Emmer (R-Minn.) had been told that the bill was prepared by Rep. Don Beyer (D-VA). The bill which proposes to tax the wealth generated by the crypto trade was made at the request of the Treasury Department.
Den Beyer has no experience in this field and is a novice
Rep. Tom added that Den Beyer has no experience in this field and is a novice about knowledge about cryptocurrencies. He suddenly pulled out a proposal that seeks to give the [Federal Reserve] complete control over creating a central bank digital currency with all kinds of related authority.
Rep Tom was speaking to a media house, and he said that he is suspicious that someone at Janet Yellen’s Treasury called a die-hard fan like Don Beyer and asked him to devise something to push the Republicans over. Emmer is also a member of the Congressional Blockchain Caucus.
Somewhat similar sentiments were echoed by a Republican congressman, Warren Davidson (R-Ohio), but on a different bill. In a cryptocoin magazine interview, Davidson alleged that the Treasury Department had a hand in the crypto-related language found in the $1 trillion bipartisan infrastructure bill winding through the U.S. Congress.
Beyer, the Congress’s Joint Economic Committee and a member of the tax policy-making House Ways and Means Committee, placed the bill before Congress on Thursday. Congress was discussing the infrastructure deal prepared by a group of Democratic and Republican senators. The bill hopes to gain $28 billion in revenue by taxing the crypto industry. However, skeptics have criticized the bill and said that the definition of what constitutes a crypto “broker” is too broad.
There have been some cosmetic changes to the account to narrow down the definition, but many critics say that it is not enough, and there are serious issues that need to be resolved.
When Emmer was asked about revisions in the infrastructure bill, he said that significant infrastructure must not be paid for by taxing cryptocurrencies as it is not related to the crypto arena. Instead, Emmer described the bill as an attempt by senators to find revenue from any source.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
