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Coin Bass Criticizes Senate Infrastructure Bill: 20% of US Population Affected


A senior exchange official, Coin Base, has criticized the digital currency tax bill in the Senate Infrastructure Bill, saying it could affect 60 million Americans.

to the Report Coin Telegraph, Lawrence Zlatkin, Coin Bass’s vice president of international tax affairs, targeted the digital currency tax regulations, which were hastily added to the US Congressional Infrastructure Investment Bill at the last minute. Criticism of the country’s lawmakers has said the hasty move could affect the lives of 60 million Americans.

On August 21, Zlatkin posted an article on the Coin Bass website opposing Bloomberg’s August 19 article, which upheld digital currency regulations in the Congressional Infrastructure Bill. Zlatkin criticized the lack of opportunity to discuss the new rules, saying that 20 percent of the US population had invested in digital currencies.

Zlatkin says:

About 60 million people in the United States now have digital currency, which is about one-fifth of the total US population. The Americans and the digital currency ecosystem deserved more discussion about the regulations that were added to the bill at the last minute.

Zlatkin also said that protests against the text of the bill have gone beyond the digital currency community and that growing public opposition has led US senators to reach out to some 80,000 protesters in just a few days.

Senior official Coin Bass has specifically discussed the breadth of the definition of “digital currency broker” in the infrastructure bill. This part of the bill could require stock-based network credentials, as well as platform developers, to comply with strict tax reporting requirements. It should be noted that these businesses do not currently have the necessary conditions to fulfill their obligations in accordance with what is stated in this bill.

Zlatkin has said about this:

Since according to this law, platform developers, miners and shareholders have to do the impossible, there is no lawyer who can do this. [کسب‌و‌کارها] Say that if they break the rules, the penalty for non-compliance can easily bankrupt them.

He added:

This [مقررات] It hurts innovation and destroys the potential of this very important technology in these early stages of development.

Zlatkin believes that digital currency brokers should follow the same rules as third-party tax reporting for ordinary brokerages.

The controversial Infrastructure Investment Bill was passed by the US Senate last month. Observers now hope that with the passage of the bill to the House of Representatives in the coming months, there will be an opportunity to make changes to the provisions of the bill.

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