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Imagine if it was the year 1995 and the US Legislators were trying to ban TCP/IP. If something like that happened, how competitive would the US be now?
Based on this proposition, it has been practical for Americans to ensure their voices are heard regarding the cryptocurrency provision. Senators should absolutely give a damn about what their citizens are happy or not happy about.
The crypto red alert woke up everyone who cared about cryptocurrencies. Of the many provisions embedded in the Infrastructure bill, which are set to improve the nation’s water systems, the cryptocurrency provision generated the most heat.
Politicians are looking to tax it. And, this has led it to being a big deal. Politicians are rushing to do the wrong thing, and it became a serious deal. The cryptocurrency community is furious.
There is no clear news about the progress of the voting. One of the articles stated, Schumer will agree to up to 2 dozen amendments being voted on if Hagerty will allow the bill to be expedited, and that’s why Semina blocked Hagerty’s attempts to discuss amendments earlier.
It is obvious that the Bitcoin incentive structure that happens for the individual is the same incentive structure that will occur between nation-states. All it needs is time. Elected officials are finally figuring that out for the first time.
Common sense Senators are putting forth a smart and reasonable amendment, and then there are the Senators who are listening to the bank lobbyist who is trying to kill competition.
The ratio of people against the bill is increasing. Bitcoin advocates are like what lawmakers don’t understand yet is they can’t regulate bitcoin. They have zero ability to affect it. They can only regulate the ability for their citizens to benefit from the technology. Consider that – they can only reduce your access to technology.
For the lawmakers, changing the amendment would result in a gap in the projected tax revenue generated, which will take quite a bit of time to figure out. This also means they will be trying to find a way actually to fill the gap. They are not going to stop sneaking through total surveillance of the cryptocurrency space.
Tax-worthy events are happening in the cryptocurrency space. There are 100 Crypto Positions, and Job Openings in PayPal due to global cryptocurrency adoption rises. This is indicative of the mass adoption of cryptocurrency already. Crypto is a real thing with real people offering real purpose.
We need to wait to see how the drama unfolds.
