US Senator Warns Passing Unproven Crypto Law Will Stifle Innovation and ‘Make Americans Poorer’ – Regulation Bitcoin News

Bitcoin.com

U.S. Senator Mike Lee has raised concerns that adopting the crypto tax provision in the $1.2 trillion infrastructure bill will stifle innovation and make Americans poorer. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that to do so would drive innovation offshore.

Senator Mike Lee Warns Passing Unproven Legislation Will Stifle Innovation

While outlining concerns he has about numerous provisions in the $1.2 trillion infrastructure bill during the Senate session Saturday, U.S. Senator Mike Lee from Utah drew attention to the provision about cryptocurrency, which he described as “an industry that’s rapidly developing within the United States.”

How To Get Free Crypto  

He noted that the crypto provision “seeks to require those who buy and sell cryptocurrency to treat it the same way as they would the exchange of securities.”

However, the senator argued that cryptocurrencies are “very different than securities.” He added: “These aren’t just stocks. It’s something very different. It’s a medium of exchange that, if adopted more widely, could facilitate a lot of economic activities and a lot of innovation within the United States of America.”

He cautioned:

If, in fact, we pass this bill, mark my words, it’s going to have a chilling effect on innovation within this sector … Places outside the United States may well be the ones to reap the benefit associated with the laws here in the United States if we adopt an unproven, untested, unknown strategy.

Senator Lee continued: “What you’ll see is the flight of innovation, and investments related to innovation, to offshore locations around the globe.”

He warned that the government is “trying to adopt many-decades-old regulatory policies to a completely new form of exchange — one that, by the way, values very highly the privacy of those who exchange in it.”

Coinbase Banner  

The senator opined: “If what you’re going do is take away that value by requiring that all of it be registered and publicly disclosed by giving the federal government the ability to peer into it, you’re going to stifle innovation, you’re going to make a lot of people upset, and you’re going to make Americans poorer.”

What do you think about the argument made by Senator Mike Lee? Let us know in the comments section below.

Tags in this story
cryptocurrency securities, infrastructure bill, infrastructure package, infrastructure plan, innovation offshore, mike lee bitcoin, mike lee crypto, mike lee cryptocurrencies, senator mike lee, senator mike lee bitcoin, utah senator

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.