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- Lawrence Zlatkin, Coinbase’s Global VP of Tax, has slammed legislators for cramming cryptocurrency provisions into a bipartisan infrastructure package at the last minute, claiming that the modifications may affect 60 million Americans
- Zlatkin estimates that 20% of the US population is invested in digital assets, today, about 60 million Americans possess cryptocurrency, accounting for roughly one-fifth of the whole population of the United States
- Outrage over the bill’s language spread beyond the crypto community, according to Zlatkin, who believes that over 80,000 individuals contacted lawmakers in only a few days due to the public outcry
Lawrence Zlatkin, Coinbase’s Global VP of Tax, has slammed legislators for cramming cryptocurrency provisions into a bipartisan infrastructure package at the last minute, claiming that the modifications may affect 60 million Americans. Zlatkin criticized the lack of opportunity for public discourse about the legislation in an August 21 blog post, taking aim at an August 19 editorial article from Bloomberg that praised the infrastructure bill’s crypto provisions. Zlatkin estimates that 20% of the US population is invested in digital assets, today, about 60 million Americans possess cryptocurrency, accounting for roughly one-fifth of the whole population of the United States. Those Americans, as well as the whole crypto ecosystem, need more conversation than last-minute provisions.
Outrage over the bill’s language spread beyond the crypto community, according to Zlatkin, who believes that over 80,000 individuals contacted lawmakers in only a few days due to the public outcry.
The Coinbase CEO emphasized the bill’s wide definition of digital asset broker, which may put severe reporting requirements on network validators and software developers who would be unable to comply with the bill’s responsibilities in its present form. There is no lawyer who would advise software developers, miners, and stakers to risk operating in breach of regulations whose fines for non-compliance would easily bankrupt them as long as the statute states they must accomplish the impossible, as he stated, adding, that this will impede innovation and suffocate the promise of a very significant technology at its infancy. Tax policy should be cautious and intelligent. Broad regulatory excess is a regulatory blunder.
Digital asset brokers, according to Zlatkin, should be held to the same third-party reporting obligations as traditional brokerage businesses. Following the Senate’s passage of the contentious infrastructure package earlier this month, observers are hoping for possibilities to alter the measure when it heads to the House for consideration in the coming months.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
