In this episode of the “Bitcoin Magazine Podcast,” host David Zell spoke with Representative Warren Davidson, one of D.C.’s most ardent Bitcoin supporters, about the specific language and potential impact of this cryptocurrency tax legislation. As it stands, the bill’s language is so wide that it might apply to a slew of crypto-related activities that should not be taxed.
Worse yet, the additional compliance costs that this bill may entail would undermine the profitability of Bitcoin-related businesses and startups. Davidson lambasted the piece’s egregious phrasing, claiming that it had to have been produced by someone who were either completely unaware of the sector or, worse, deliberately trying to hurt it.
Passing the bill in its current shape, in his opinion, would be disastrous for both the Bitcoin business and the American economy as a whole.
Davidson discussed how this law represents a shift from America’s long-standing reputation as a leader in innovation. If it is passed in its current form, America risks missing out on one of the most transformative technological advances in history and slipping behind our adversaries in this critical breakthrough, he said.
“America led in the Industrial Revolution, the advent of the automobile and the development of the internet,” said Davidson, “and now America is about to forfeit that leadership with this new technology.”
The representative highlighted how the law may be improved and how much time there is to amend it. At the end of our conversation, Davidson urged the Bitcoin community to call their government authorities and push them to oppose the cryptocurrency tax language in the bill. You won’t want to miss out on this.