Intro: Mark Cuban echoing the sentiments of the crypto community said that the new bill will not do any good to the crypto business. He has warned regulators against shutting down the cryptocurrency business.
Mark Cuban, a billionaire and an entrepreneur, has warned regulators against shutting down the cryptocurrency business which he calls the growth engine. He believes it would be like banning e-commerce in 1995, as a debate rages about cryptocurrency taxes included in the $1 trillion infrastructure bill.
Cuban is a big supporter of cryptocurrency and listening to the news of shutting off this growth engine would be the equivalent of stopping e-Commerce in 1995 as people were afraid of credit card fraud. Or regulating the creation of websites because some people thought it was more complicated initially and did not understand what they would ever amount to.
The Shark Tank star was having a debate between crypto advocates and lawmakers on the $1 trillion Senate infrastructure bill that impacts the crypto industry.
Under the new regulations and rules laid down by the lawmakers of cryptocurrency, it will encourage the payment of more taxes. As part of the bill’s fundraising provisions, newer rules about crypto transactions to the Internal Revenue Service plans to raise newly $28million. Brokers have to transfer the information of the digital asset transfers.
Pushing hard to restrain
Where the lawmakers seek this new bill as a benefit for the government, the cryptocurrency advocates see this new bill hard against the provision, in part because cryptocurrency miners will come under the category of a broker, putting major responsibilities on those users who secure the network and make coins.
Crypto enthusiasts and Right campaigners also raised their concerns that cryptocurrency colonies might have to collect more information about their users.
The Dallas Mavericks comments on the new bill speak of the sentiments of those dealing in the cryptocurrency business. He agrees and thinks, unlike crypto advocates who are petrified of the impact the provision will have on the industry.
Jack Dorsey, CEO of Twitter had tweeted that it is not ethical to force reporting rules on Americans who develop the software and hardware, who mine the coin and secure the network, or who build nodes to win resilience and efficiency. It is almost an impossible demand to be fulfilled. The development of this critical technology could only happen outside the US.
Debating over the new bill, some Senators are trying to refrain from this new bill and echoing the same sentiments of the crypto community. Democratic Senator Ron Wyden and Republican Senators Pat Toomey and Cynthia Lummis have put forward a plan to exempt some crypto users, like miners from the reporting requirement. However, this debate will continue till the last minute on Monday as a vote is in its last final passage.
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.