Liam Frost reports in decrypt.co that "the crypto community is not happy at all with the recent tax amendment that seemingly targets DeFi.
If it passes, a lot of crypto-related entities will have to either leave the U.S. or shut down, FTX CEO argued.
The crypto community is pushing back against the recent crypto tax amendment that could have disastrous effects on the burgeoning industry, according to a new petition published on FightForTheFuture.
“This is a red alert. A provision that’s so poorly written it could crush the cryptocurrency ecosystem and dramatically expand U.S. government surveillance has been added to the must-pass bipartisan infrastructure package at the last minute,” the petition stated.
Link to the petition to Senate - https://www.fightforthefuture.org/actions/stop-the-senate-from-sneaking-through-total-surveillance-of-the-crypto-economy/
The Biden Administration has recently backed a new tax amendment—one of the two proposed—that targeted decentralized finance (DeFi)-(LeoFiance) and proof-of-stake (PoS) protocol-(Hive).
Presented by Senators Rob Portman and Mark Warner, the amendment would expand the breadth of taxation on crypto transactions and introduce new reporting requirements for entities classified as “brokers.”
The lawmakers also provided an exemption from these obligations—but only to proof-of-work (PoW) networks. The two largest PoW networks are Bitcoin and Ethereum. The latter network will, however, shift to PoS in the near future following the launch of Ethereum 2.0.
“The explicit exemption of PoW creates an implication that PoS would trigger requirements. This isn't about PoS miners being lazy or hating tax. They propagate public, decentralized, general ledgers. They don't know what trades people do any more than the public does!” said Sam Bankman-Fried, CEO of crypto derivatives exchange FTX.
The final vote for the bill will reportedly take place on Saturday, August 7."
Source credit and full story - https://decrypt.co/77859/crypto-industry-mobilizes-to-stop-controversial-tax-plan
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