US Senators risk over-regulating crypto industry
USA is a big country, and while it is home to some forward-thinking politicians, the majority still cannot wrap their heads around #crypto.
The US Senate Banking Committee meeting held on Tuesday was a disastrous show of ignorance. Calling the blockchain a “shadowy faceless group of super coders and miners” or “shady diffuse network of online funny money” is plain stupid and shows that Senators need to spend more time studying it before they screw up America’s crypto industry.
The latter could also suffer big time from the yesterday’s Senate proposal of new crypto taxation and reporting rules. While the Senators hope that it would raise $28 Bn to be used to fund Biden’s ifrastructure deal, the new obligations, like the one for individuals interacting with crypto to report any crypto transfer, would bury the industry under bureaucracy’s weight. Or push it to quit the US for a more welcoming country.
What is quite certain is that crypto will develop anyways, in America or elsewhere.
