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Elon Musk Supports Crypto Community Amid Crucial Taxation In United States

Elon Musk Supports Crypto Community Amid Crucial Taxation In United States 2

Tesla & SpaceX founder Mr. Elon Musk shared his point of view regarding the Crypto tax bill of the U.S for the crypto community. Through his tweet he supported the community and also suggested to the lawmakers about the Crypto Tax bill.

For a few weeks, the Crypto tax bill of the U.S discussion was in huge trend. But now the Biden administration is 100% ready with their bill. The crypto taxation rule of the U.S for crypto is not getting support from the crypto community, because there are huge crucial taxation rules which are not favourable for  crypto traders. That is why space is not ready to adapt. But there are few leaders of the crypto community, which are looking forward to accepting the rules of the U.S as a means of better future & existence of the crypto market with better legalisation. Even they criticized the bill indirectly.

Related: The U.S. Senate plans to tighten crypto taxation

Brian Armstrong, the CEO of Coinbase exchange stated that this crypto bill will decide our future. 

Brian’s 2nd tweet was

” @MarkWarner 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”

Probably this is a very huge point that Brian is pointed out because law should be applicable for the whole and can’t be excluded or included partially. Brian also claimed that it can be a handy mistake by the administration. And also he said that we are in the early stages and we are not much developed. Through the whole point of view Brian is in partial support of the Crypto Tax bill & partial against it also.

Elon Musk tweeted to support the vocal of Brian

Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.

— Elon Musk (@elonmusk) August 6, 2021

So through this statement, Elon Musk supported the whole community of the crypto industry. And indirectly criticize the crypto tax bill because of its few faults. Also he suggested to the lawmakers of the U.S to not to get quick because this is not a pandemic situation where they needed to make rules under pressure. 

Read also: Binance Stop Futures Trading For Hong Kong users

Source: Elon Musk Supports Crypto Community Amid Crucial Taxation In United States

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