Crypto organizations say tax plan in Senate infrastructure bill poses an 'imminent threat'

[Yo_Mama_Been_Loggin]

to the industry

Cryptocurrency organizations have asked Congress to reconsider language in the Senate's infrastructure bill that posed an "imminent threat" to the industry.

President Joe Biden's $1.2 trillion infrastructure package, which includes hundreds of billions in funding for roads, railways, and broadband access, would be partly financed by increasing revenue from taxes on cryptocurrencies, according to The White House.

The Senate bill last week added new rules for crypto trading firms and brokers. They'd have to report additional information about some transactions, including those over $10,000.

The updates could bring in about $28 billion in new tax revenue in its first decade, Bloomberg News and The New York Times reported.

https://www.msn.com/en-us/money/markets/crypto-organizations-say-dollar28-billion-tax-plan-in-senate-infrastructure-bill-poses-an-imminent-threat-to-the-industry/ar-AAMOqVM

[The Magistrate]

1. Good

Let's hope they are right, Sir.

[lapfog_1]

2. cryptocurrency is contributing to global warming

for almost nothing useful in return except to avoid dark money moving around the world with no government oversight... a boon to those with things to hide like drug dealers, smugglers, human traffickers, etc.

All those crypto miners running all those tricked out GPU rigs are consuming a huge amount of power.

There are even power companies moving to create a crypto farm right next to their own power plants... and diverting the majority of electricity produced by burning hydrocarbons into crypto mining.

[haele]

3. Really? Because from what I've learned about cryptocurrency-

- it's pretty much the wild west online. When one or two rich mf'ers or organizations can manipulate the value and block stream to their benefit and everyone else is along for the ride. Not to mention the lack of transparency.

Maybe there needs to be a bit of regulation, even if it's just an organization acting as marshall to keep an eye on things and insure it's not just a Libertarian technocrat cosplay scheme that steals from regular businesses and the less financially astute techies.

Harle

[marble falls]

4. Well, then. The bills a good thing.

[CloudWatcher]

5. Cryptocurrency should be shut down

It was an interesting experiment, but I don't see that the benefits are worth the energy consumption.

[rickyhall]

6. When they gonna tax Wall Street Trading?

[Earth-shine]

7. I know of a guy with half a million $ in bitcoin who can't access it.

He lost his password. No shit!

Leo Laporte of Tech.tv.

He occasionally mentions it on the air.

[bahboo]

8. hmmmm, well....fuck 'em....