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Denelle Dixon Expressed: As we’ve said before, new technology deserves new approaches to regulation. That’s why we’re working with industry partners and experts to help clarify language in the proposed Infrastructure bill which would impact our industry.
The infrastructure bill is coming with tax provisions and it clearly targets the American crypto industry. And the reporting requirements are clearly unworkable.
Denelle Dixon pointed to the Blockchain Association opinion concerning the infrastructure bill.
Smaller innovators lack the ability to meet these new reporting requirements, and many would be forced to relocate overseas.
Cryptocurrency hopes to empower consumers and free them from financial intermediaries, but labeling them as “brokers” impedes this goal. America has prospered from our commitment to innovation, but this threatens to cede our crypto leadership to international competitors.
Blockchain Association stated that they are willing to work with the crypto industry and are eager to work with policymakers to craft regulatory guardrails that work for everyone. We hope that our inclusion into this conversation will foster a greater understanding of the industry & develop meaningful policy outcomes.
Further stated, together, we can provide solutions that work for everyone – from the crypto ecosystem and innovators to regulators, consumers, and the American public – to keep America at the forefront of this promising innovation.
Community response: I love that XLM is jumping right in so we won’t have any issues in the future on how the new digital era of cryptocurrency takes its course as being part of the currency world in the U.S. and the world.
Thank you for trying to work with and educate regulators. I don’t think they realize how little time they have to make this work.
Can you please get through to our government? Your company stellar.org should be seen as the model citizen in the crypto sphere. Please let them know that you are working to bring financial inclusion to the world and cut down inefficient costs. You should be treated differently.
Some opine that the infrastructure bill is a false wind. Puts the power in the hands of the user. That’s why, governments and banks are so against crypto, Defi, if they control the money they control the people. The shift that is happening takes away their ability to control us.
I concur with Curtis. Thank you for your work on ensuring proper crypto related legislation is passed and not ill-informed junk. Can you please go beyond the initial statement to identify specific issues we can contact our senators about?
