Charles Hoskinson Blows Hot Over Proposed Crypto Taxation Bill, Calls for Action

Azeez Mustapha
10 August 2021 | Updated: 10 August 2021

The founder of Cardano and CEO of blockchain company Input Output Hong Kong (IOHK), Charles Hoskinson, recently took to social media to call on the US cryptocurrency community to rally against the newly-approved taxation policy.

The CEO tweeted earlier this week that crypto enthusiasts in the US should assemble at Washington DC to communicate their displeasure with the bill. This call aims at convincing US Senators to amend the Revenue Services (IRS) reporting requirements for the crypto industry. Hoskinson tweeted that:

“I think it’s about time we get a rally going in Washington DC. I’m going to make some phone calls. More on this later.”

After his agitation on Twitter, the Cardano founder recorded a 10-minute-long video on YouTube talking about the reprehensible development from Congress. He, once again, called on the cryptocurrency community in the US to demand a crypto industry-friendly amendment to the bill, adding that he would:

“Rally a tireless minority every single day until we make the [crypto amendment bill] their [the senators’] issue until we change this and get it done.”

The Cardano boss asserted that the crypto community would not sit idly while aged congressmen “stand in the way of progress” of the nation’s economy.

Charles Hoskinson Wants the US Crypto Community to Unseat Senators that Support the Amended Bill

Hoskinson also noted that the crypto community should vote against the lawmakers supporting the proposed crypto-tax policy in upcoming elections and unseat them from decisive committees. The angered CEO added that those affected by this legislation should write continuously to their senators until the amendment gets changed.

The US cryptocurrency taxation bill, once passed, will require trading platforms to report all transactions above $10,000 to the IRS, as the tax regulators plan to realize $28 billion from the industry in the next few years.

The proposed policy is part of the $1 trillion infrastructure bill, which should pass today after about 70 senators voted to approve the bill on Sunday night.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.