Congresswoman Anna Eshoo has joined the group of cryptocurrency supporters in urging US House Speaker Nancy Pelosi to change some terms of the country’s bipartisan infrastructure project, which could be detrimental to the crypto market.
Congresswoman Anna Eshoo has sided with the growing group of people who oppose the language of the new bipartisan infrastructure project. The $1 trillion bill imposes worrying new regulations on the Bitcoin (BTC) and other cryptocurrencies industry.
The Democrat, elected by the state of California, issued a letter to House Speaker Nancy Pelosi on Thursday. The document asks Pelosi to review “the problematic definition of broker.” The bill was approved in the Senate and is now awaiting a decision in the Chamber.
The congresswoman shared a copy of the letter on her official Twitter account. Eshoo said he believes the cryptocurrency sector should be approached, but not hindering its innovation.
“I share the goals of the underlying provision to address tax evasion in the cryptocurrency market, but the House must change it, as the bipartisan compromise amendment would, to meet that goal without stifling innovation in a fledgling industry by imposing impractical regulations ”, he asked, adding the hashtag “DontKillCrypto” (don’t kill the cryptocurrencies) in the tweet.
While a senior adviser has confirmed that the bill’s final text will be revised, that does not mean that changes will be made.
Bill that could choke cryptocurrencies
The bill is over 2,000 pages long, but the section dealing with cryptocurrencies is small. However, the effects of this stretch can be great. The proposal contains a clause requiring additional tax payments from the cryptocurrency industry that would supposedly help fund the account exorbitantly for the bill to be implemented.
However, leaders inside and outside the cryptocurrency market, along with organizations that support digital rights, say the project’s approach is a threat to this sector.
If the project remains unchanged, miners, investors and developers would be in the same position as the main companies in the sector. The simple act of buying coffee with Bitcoin can turn into a reporting obligation to the US Internal Revenue Service (IRS).
A bipartisan group of senators has already proposed an amendment to the bill. However, it ended up failing after another senator added an unrelated passage.
The entire industry is nervous until the decision is made. Big figures in the crypto industry are concerned about the “profound negative impact” this bill could impose. More than ever, the industry needs people in place of power to stand by. Congresswoman Eshoo said she is ready to commit to this cause:
“I am ready to work with you to ensure that infrastructure legislation addresses tax evasion to pay for your investments without unduly threatening a growing sector of our economy.”
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