The crypto tax is a hot topic in the cryptocurrency industry. There are many opinions on what should be taxed and how much, but one thing is for sure: there will be taxes. What’s more interesting is who will be paying them?

You have to pay taxes on your cryptocurrency! Isn’t that a little insane? Yes, without a doubt, since cryptocurrency is the most amazing sector, having increased global growth 10X quicker than expected.

When most people invest a substantial amount of money regardless of their circumstances, putting taxes on them would result in a nation accumulating billions of dollars. The United States has enacted a law that has been recognized and agreed upon by both political parties, recognizing this as a critical issue. However, this has prompted a number of businesses and CEOs to speak out against it.

Bill Clinton’s White House

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

The White House just approved an amendment to make voting lawful in the United States. As a result, this law is believed to be about taxing cryptocurrency. Despite this, the crypto exchanges, trading companies, and brokers would be subject to the taxes.

Furthermore, the White House claims that this would bring in massive sums of money for the country.

They further state that the proceeds would go entirely toward President Joe Biden’s “infrastructure development” agenda.

Furthermore, Senators Ron Wyden, Pat Toomey, and Cynthia Lummis formed a group of three legislators to draft this amendment. Senator Cynthia Lummis, on the other hand, has clearly expressed her opposition to the crypto sector on many occasions.

Furthermore, Lummis states that the crypto sector and digital assets are on the increase, and that such a rapid rise and development would be harmful, as it would totally disrupt global economic progress.

She goes on to say that the whole business, with all of its ramifications, is very complex due to the dominance of different new blockchains.

Furthermore, she states that this erratic development must be appropriately managed by enacting specific laws and levies to ensure that it does not adversely impact the sector or its operations.

As a result, it is a well-known truth that no one involved in the crypto sector, whether as investors, holders, or even indirectly, would accept the passage of this new law.

Despite the fact that the amendment is supported by all political parties in the country, the tech titans of Silicon Valley and other tech hubs such as Washington raise their voices in opposition to it.

Despite this, several important and well-known figures in the sector, including Elon Musk, the CEO of Tesla and SpaceX, Jack Dorsey, the CEO of Twitter, and Senator Ted Cruze.

As a result, Elon Musk made his remarks, totally trashing the amendment. Furthermore, he claims that this law is rushed and unnecessary at this time. He also says that legislators should not determine which technology should win, and that now is not the time for such legislation.

Senator Ted Cruze further cautions that if the bill succeeds, it would have a negative impact on the crypto and blockchain industries. He also describes the bill as “very hazardous.”

In addition to all of the above, Twitter’s CEO, Jack Dorsey, thinks that this law would eventually spur a slew of new discoveries and inventions, not only for the crypto sector but for the whole country. However, it is clear that this law would severely stifle the crypto and blockchain industries.

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