US Senator Warns Passing Unproven Crypto Law Will Stifle Innovation and “Make Americans Poorer” – Bitcoin Regulation News

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U.S. Senator Mike Lee has raised concerns that passing the crypto-tax provision in the $ 1.2 trillion infrastructure bill will stifle innovation and impoverish Americans. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that this would drive innovation abroad.

Senator Mike Lee warns passing unproven legislation will stifle innovation

While highlighting his concerns about many provisions of the $ 1.2 trillion infrastructure bill during the Senate session on Saturday, U.S. Senator Mike Lee of Utah drew attention to the provision regarding the cryptocurrency, which he described as “a rapidly growing industry in the United States.”

He noted that the crypto provision “seeks to force those who buy and sell cryptocurrencies to treat it the same as they would for the exchange of securities.”

However, the senator argued that cryptocurrencies are “very different from securities”. He added: “It’s not just actions. It is something very different. It is a medium of exchange which, if adopted more widely, could facilitate a lot of economic activity and a lot of innovation in the United States of America.

He warned:

If, in fact, we pass this bill, notice my words, it is going to have a chilling effect on innovation in this sector… Places outside of the United States may well be the ones that will reap the benefits associated with the laws here. in the USA. if we adopt an unproven, untested, unknown strategy.

Senator Lee continued, “What you will see is the leakage of innovation and innovation-related investments to offshore locations around the world. “

He warned that the government “is trying to adopt decades-old regulatory policies for a whole new form of trading – a form which, by the way, places a very high premium on the privacy of those who trade there.” “.

The senator expressed the opinion: “If what you are going to do is remove that value by requiring that everything be recorded and publicly disclosed by giving the federal government the opportunity to take a look at it, you are going to stifle innovation, you ”You’re going to piss off a lot of people and you’re going to impoverish Americans.

What do you think of the point made by Senator Mike Lee? Let us know in the comments section below.

Tags in this story cryptocurrency securities, infrastructure bill, infrastructure package, infrastructure plan, offshore innovation, mike lee bitcoin, mike lee crypto, mike lee cryptocurrency, senator mike lee, senator mike lee bitcoin, senator from utah

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