Click to download audio version Unless you’ve been living under a rock for the
past 48 hours, you’ve likely heard about the last-minute addition of a
cryptocurrency tax to the U.S. Senate’s forthcoming infrastructure bill. In this
episode of the “Bitcoin Magazine Podcast,” host David Zell sat down with
one of D.C.’s strongest Bitcoin supporters, Representative Warren Davidson
(R-OH), to talk about the specific language and potential impact of this
cryptocurrency tax legislation. As it stands now, the bill’s language is so
broad that it could apply to a myriad of crypto-related activities that have no
business being taxed. Worse still, the additional compliance costs that this
bill could trigger would gravely jeopardize the viability of companies and
startups in the Bitcoin space. Davidson blasted its stunningly poor verbiage,
lamenting that it must have been written by people either totally ignorant about
the industry or worse, by people looking to harm it. In his view, passing the
bill in its current form would be a disaster both for the cryptocurrency
industry and the American economy overall. Davidson spoke about how this bill
marks a departure from America’s longstanding role as a nation that spearheads
innovation. Should it pass with its current language, he warned, America risks
missing out on one of the most revolutionary technological strides in history
and falling behind our adversaries in this vital innovation. “America led in the
Industrial Revolution, the advent of the automobile and the development of the
internet,” said Davidson, “and now America is about to forfeit that leadership
with this new technology.” The congressman discussed how the bill might be
altered for the better and how much time there is to fix it. At the end of our
discussion, Davidson called on the Bitcoin community to jam up the phone lines
of their elected officials and implore them to fight the cryptocurrency tax
language in the bill. You won’t want to miss this.
past 48 hours, you’ve likely heard about the last-minute addition of a
cryptocurrency tax to the U.S. Senate’s forthcoming infrastructure bill. In this
episode of the “Bitcoin Magazine Podcast,” host David Zell sat down with
one of D.C.’s strongest Bitcoin supporters, Representative Warren Davidson
(R-OH), to talk about the specific language and potential impact of this
cryptocurrency tax legislation. As it stands now, the bill’s language is so
broad that it could apply to a myriad of crypto-related activities that have no
business being taxed. Worse still, the additional compliance costs that this
bill could trigger would gravely jeopardize the viability of companies and
startups in the Bitcoin space. Davidson blasted its stunningly poor verbiage,
lamenting that it must have been written by people either totally ignorant about
the industry or worse, by people looking to harm it. In his view, passing the
bill in its current form would be a disaster both for the cryptocurrency
industry and the American economy overall. Davidson spoke about how this bill
marks a departure from America’s longstanding role as a nation that spearheads
innovation. Should it pass with its current language, he warned, America risks
missing out on one of the most revolutionary technological strides in history
and falling behind our adversaries in this vital innovation. “America led in the
Industrial Revolution, the advent of the automobile and the development of the
internet,” said Davidson, “and now America is about to forfeit that leadership
with this new technology.” The congressman discussed how the bill might be
altered for the better and how much time there is to fix it. At the end of our
discussion, Davidson called on the Bitcoin community to jam up the phone lines
of their elected officials and implore them to fight the cryptocurrency tax
language in the bill. You won’t want to miss this.
