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Tuesday, September 28, 2021

Tesla’s Musk Urges Lawmakers Weighing Infrastructure Bill’s Tax Provision Not to Pick Crypto ‘Winners or Losers’ - Yahoo Finance

Last updated Friday, August 6, 2021 03:00 ET , Source: NewsService

Elon Musk urged lawmakers considering the Senate infrastructure bill’s crypto tax provision not “to pick technology winners or losers in cryptocurrency technology” in a tweet responding to Coinbase CEO Brian Armstrong on Friday.

  • “There is no crisis that compels hasty legislation,” the Tesla CEO and crypto influencer tweeted after Armstrong called the most recent proposed amendment to the contentious tax provision “disastrous.”

  • The amendment submitted late Thursday by Senators Rob Portman (R-Ohio), who wrote the original tax provision, and Mark Warner (D-Va.) was meant to water down the provision by excluding proof-of-work mining and entities involved in the selling of hardware or software that gives individuals control of private keys for digital assets. Lawmakers are expected to vote on the $1 trillion infrastructure bill Saturday.

  • Armstrong has been among the most vocal critics of the tax provision. In a 10-tweet series, his second in two days, he largely directed his ire at the Portman-Warner amendment. “At the 11th hour, @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto,” Armstrong wrote. “This is disastrous.”

  • Armstrong urged readers to reject the Portman-Warner amendment and vote for an earlier proposed change by Senators Ron Wyden (D-Ore.), Pat Toomey (R-Pa.) and Cynthia Lummis (R-Wyo.), which he praised in a Wednesday tweet thread for narrowing the definition of “intermediaries who have the...



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