Coinbase VP calls US infrastructure bill hasty – Bits Media

Coinbase Vice President Laurence Zlatkin, tax policy maker, criticized U.S. lawmakers for rushing through infrastructure bill, which “will have a bad effect on 60 million Americans ".

In early August, the US Senate passed two -party bill, aimed at financing infrastructure for $28 billion by collecting additional taxes from cryptocurrencies. It presents an expanded concept of "cryptocurrency broker", which can relate to developers by, transaction validators and nodes operators. Earlier an amendment was proposed, releasing them from falling under this definition, but still the bill was adopted without clarification.

Zlatkin published
Coinbase blog article, in which he stated, that US lawmakers have acted recklessly, Having accepted this bill too quickly and without giving the public the opportunity to discuss its provisions. According to Zlatkin, Indignation about the formulations of the bill went beyond the scope of the cryptocurrency industry and caused a "public resonance". Within a few days, the senators have already applied about 80 thousands of people.

“Today, cryptocurrencies are owned by 60 Million Americans, which is approximately the fifth of the US population. These people and participants in the cryptocurrency ecosystem deserve more dialogue, than “Midnight” Regulations, Accepted at the last minute ", - said Zlatkin.

He noted, that transaction validators and development developers will not be able to comply with strict requirements for reporting and fulfill the obligations under the bill in its current edition. This will slow down the development of the latest technologies and “crush” their potential in the early stages of development. The expert considers, that the same requirements for the reporting of the third parties should be applied to cryptocurrency brokers, As for traditional brokerage companies.

“The tax policy must be thought out. Excessive regulation will become an error, since miners and steakers require the impossible. There is no lawyer, who would advise them to take a chance and act in violation of the legislation, After all, fines for its non -compliance can easily ruin them. ", - said Zlatkin.

Besides, Zlatkin said, that next month Coinbase will open a tax center for training and support to customers, To make it easier to comply with tax obligations. Coinbase called on US tax service (IRS) and other regulators to a constructive dialog for discussing regulatory provisions, acceptable for supervision of the cryptocurrency industry. Zlatkin is convinced, that the amendment, proposed by senators Ron Waiden (Ron Wyden), Synthia Lammis (Cynthia Lummis) And Patu Tumi (Pat Toomey), eliminate confusion and prove the effectiveness of the public dialogue.

Last week, the main legal adviser of Compound Labs Jake Chervinsky called the bill “conspiracy” of the US Department of Finance against decentralized finance.