{"id":10639,"date":"2021-08-07T14:54:36","date_gmt":"2021-08-07T14:54:36","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-urges-congress-to-stop-treasury-from-picking-winners-and-losers-in-crypto\/"},"modified":"2021-08-07T14:54:36","modified_gmt":"2021-08-07T14:54:36","slug":"us-senator-urges-congress-to-stop-treasury-from-picking-winners-and-losers-in-crypto","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-urges-congress-to-stop-treasury-from-picking-winners-and-losers-in-crypto\/","title":{"rendered":"US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto"},"content":{"rendered":"

U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. \u201cCongress should not allow that to happen,\u201d he said.<\/strong><\/p>\n

US Senator Urges Lawmakers Not to Crush Crypto Innovation<\/h2>\n

Following the endorsement<\/a> of a crypto tax amendment by the White House, concerns have been raised that the U.S. government is picking winners and losers in the crypto space.<\/p>\n

Two crypto tax amendments to the $1 trillion infrastructure bill<\/a> have been introduced but the White House has chosen to endorse<\/a> the one that favors proof-of-work over all other consensus mechanisms, including proof-of-stake.<\/p>\n

Senator Pat Toomey is one of the sponsors of the amendment that is not endorsed by the Biden administration but has gained support within the crypto community. He tweeted Friday:<\/p>\n

While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That\u2019s horrible for innovation.<\/p>\n

\u201cThe Warner-Portman plan exempts bitcoin miners, but not other transaction validators or software developers who create these platforms,\u201d Toomey added. \u201cWhat does that mean? Two identical services could receive dramatically different regulatory treatment depending on the technology used.\u201d<\/p>\n

The senator elaborated:<\/p>\n

US Treasury wants maximum flexibility to regulate and tax crypto as they see fit. Congress should not allow that to happen.<\/p>\n

<\/p>\n

\u201cNow isn\u2019t the time for the IRS to pick winners and losers with a new technology. Crypto has the potential to be the future of the internet,\u201d he further opined. \u201cHow foolish to crush it over a tax provision that possibly raises just $500 million per year more in a $1.2 trillion bill.\u201d<\/p>\n

Senator Toomey added that \u201cThe first principle here should be: do no harm,\u201d noting that \u201cThe Warner-Portman-Sinema amendment will drive developers to create software outside of the U.S.\u201d<\/p>\n

He proceeded to urge lawmakers not to rush to impose regulations and \u201cget it wrong,\u201d calling for a full public debate to protect American innovation \u201cbefore potentially disruptive changes are made that push crypto overseas.\u201d<\/p>\n

What do you think about the U.S. government attempting to pick winners and losers in crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, crypto tax amendment, government picking winners, infrastructure bill, infrastructure package, winners losers<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. \u201cCongress should not allow that to happen,\u201d he said. US Senator Urges Lawmakers Not to Crush Crypto Innovation Following the endorsement of a crypto tax amendment by the…<\/p>\n","protected":false},"author":0,"featured_media":10640,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10639"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10639"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10640"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}