Following the failure of United States’ Senators to reach an agreement on the contentious cryptocurrency amendment, Cardano founder Charles Hoskinson has called on the nation’s crypto community to rally in Washington DC.
Hoskinson Plans to Revert Crypto Tax Policy
Airing his grievances yesterday on popular social networks Twitter and YouTube, Hoskinson disclosed that it is about time the teeming U.S. crypto community embarked on a peaceful rally in the country’s capital, to change the unfavorable U.S. crypto taxation bill.
According to Cardano’s boss, U.S. residents need to protect the country’s economy from being destroyed by the older political class.
In order to do this, Hoskinson urged the teeming crypto population to vote against senators who are “standing in the way of [crypto’s growth]” by raising funds to sponsor their opponents.
More so, constituents are asked to bombard anti-crypto senators with texts and calls, and having them removed from important committees in order to have the crypto taxation bill, which is slated to be implemented in 2023, reversed.
Hoskinson narrated in a nearly 11-minute YouTube video that he would personally rally affected U.S. citizens on a daily basis until the proposed crypto tax policy is reverted.
“I think it’s about time we get a rally going in Washington DC. I’m going to make some phone calls,” Hoskinson tweeted.
U.S. Cryptocurrency Taxation Bill
The new cryptocurrency taxation bill has been a major topic of discussion since last week. The legislation, if passed, would require the Internal Revenue Services (IRS) to demand that all crypto transactions above $10,000 should be reported to them.
The crypto amendment, which was included in the $1 trillion infrastructure bill, was proposed by U.S. Senators Mark Warner and Rob Portman and has been publicly applauded by President Joe Biden.
Per multiple sources, the crypto bill is part of efforts by the IRS to raise $28 billion in revenue annually to support various infrastructural projects.
The bill was voted to be advanced by nearly 70 U.S. congressmen on Sunday evening, with the industry hoping in the report that there could be some sort of compromise that could be added to the bipartisan infrastructure bill.
However, all hopes were dashed yesterday after lawyer Jack Chervinsky disclosed that Senator Richard Shelby (R-AL) objected to the bill because he did not get an amendment for his $50 billion defense spending.
