2021-08-10 16:36:43

Cardano Founder Charles Hoskinson Calls For Mass Rally Against U.S. Crypto Taxation Bill

Charles Hoskinson, Cardano’s founder and CEO of blockchain research company Input Output Hong Kong (IOHK), has urged the U.S. crypto community to rally against the recently proposed taxation policy.

Hoskinson first took it to Twitter earlier this week, calling on digital asset proponents in the U.S. to rally in Washington DC to vent their grievances against the bill. This would be a bid to convince the country’s senators to amend the Internal Revenue Services (IRS) reporting rules for cryptocurrencies.

“I think it’s about time we get a rally going in Washington DC. I’m going to make some phone calls. More on this later,” he tweeted.

Hoskinson Blows Hot on YouTube

The Cardano founder subsequently made a 10-minute video on YouTube about the unfortunate development. He urged U.S. residents to push for new legislation in favor of the country’s crypto industry, adding that he would:

“Rally a tireless minority every single day until we make the [crypto amendment bill] their [the senators’] issue until we change this and get it done.”

He further added that the teeming crypto community will not sit idle and watch the aging congressmen “stand in the way of progress” of the nation’s economy.

Hoskinson’s idea of rallying against the infrastructure bill also requires that the U.S. community vote against those in support of the proposed crypto-tax policy in upcoming elections and remove them from important committees going forward.

Furthermore, the Cardano boss added that people affected by the bill should not relent in writing letters to their senators to have the bill changed.

Proposed Crypto Tax Policy

Recall that the U.S. cryptocurrency taxation bill, which was openly backed by President Joe Biden, would require all crypto-related transactions above $10,000 to be reported to the IRS, as the tax regulators hoped to raise $28 billion.

The proposed policy was added to the $1 trillion infrastructure bill, and the legislation is expected to pass today after nearly 70 senators voted to advance the bill on Sunday night.

Despite the unfavorable results, the crypto community became hopeful when reports of a possible compromise that may be included in the bipartisan infrastructure bill.

However, another story was reported about the failure of U.S. senators to advance the deal as a result of Senator Richard Shelby (R-AL)’s objection to the compromise amendment.

Lawyer Jack Chervinsky confirmed on Twitter that Senator Shelby objected to the bill because he did not get an amendment for his $50 billion defense spending.

“He’s against all other [amendment bills]. Unless he changes his mind, that’s it [the end of the compromise amendment],” Chevinsky added.

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