Elon Musk Backs the Crypto Community Ahead of a Critical US Tax Vote

Tesla CEO Elon Musk stated, There is no current crisis in the cryptocurrency market that needs “hasty” regulation.

The crypto community is rallying its forces just hours before the US Congress votes on digital asset taxation. This time, they have the backing of one of the world’s most powerful people – Elon Musk. Yesterday, CryptoPotato reported on the controversy surrounding US authorities’ attempt to regulate and tax the digital asset industry.

In short, Senators Mark Warner and Rob Portman proposed an amendment that would tax almost everything that falls under the broad term “broker.” Senators Cynthia Lummis, Ron Wyden, and Pat Toomey offered a counter-proposal with significantly softer rules, but Warner and Portman offered a “last-minute amendment” that caught the attention of crypto insiders (again).

Essentially, their most recent proposal excludes only proof of work miners and wallet sellers. However, it is worth noting that the Biden Administration-backed this particular amendment. The community responded quickly, with numerous prominent figures expressing their concern and urging people to “call your Senators” and “tell them you want innovation and economic prosperity to remain in the United States,” as Anthony Pompliano noted.

Barry Silbert, Founder and CEO of Digital Currency Group, added that the move is “making a difference” because “Senator outreach efforts are having a positive impact.” He also urged his followers to “continue calling, emailing, and tagging your representatives in tweets.” Brian Armstrong, CEO of Coinbase, who has been vocal in opposing Portman’s amendment, described the vote as one of the  “few key moments that define our future.”  Elon Musk agreed with Armstrong, stating that “now is not the time to pick technology winners or losers in cryptocurrency technology,” as there is “no crisis that compels hasty legislation.”

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