CEO Coinbase called crypto tax amendment “disastrous,” Elon Musk agrees with him

As AZCoin News reported, US Senator Mark Warren has proposed the crypto tax amendment to decide which platform technologies are okay and which are not in cryptocurrencies. Following this announcement by the senate, Brian Armstrong took to a Twitter thread, calling the amendment of the bill “disastrous.”

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Brian Armstrong, the founder and CEO of cryptocurrency exchange Coinbase, and Elon Musk, CEO of Tesla

CEO Coinbase made a Twitter thread, calling crypto tax amendment “disastrous,” Elon Musk agrees

Likewise, Elon Musk replied to this tweet by saying he agrees with Brian. Noting, “this is not the time to pick technology winners or losers in cryptocurrency technology.” Tesla CEO added, no crisis compels hasty regulation.

Meanwhile, Armstrong further explained the situation. Senator Mark Warner has asked for Proof-of-Stake validators to comply with the impossible, but not Proof-of-Work miners. Why? It’s not clear, but we could find ourselves with the Senate deciding which types of crypto will survive government regulation.

Furthermore, he argues that this is the government trying to pick winners and losers in a nascent industry today, where new technology is being developed every month. They are guaranteed to get it wrong by writing in a few exceptions by hand today.

The Senators are voting tomorrow on the future of innovation in finance and crypto in America. If they choose Mark Warner amendment, we will see the future development of blockchain technology move offshore to countries like China that currently embrace it.

Crypto is still in its early stages. Innovators across this country are working to make crypto networks better, enabling new apps like NFTs, smart contracts, and DeFi. These will bring enormous benefits to Americans and help ensure our place as a financial hub.

Lastly, the Coinbase CEO emphasized what might happen if the United States fails to embrace all the development and innovation regarding crypto.

“If the U.S. fails to embrace the innovation happening in crypto, it risks becoming a financial backwater, missing out on one of the fastest-growing sectors of the economy. Imagine if we had missed out on the internet, and the largest internet companies had been built overseas.”

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