Galaxy Digital CEO Mike Novogratz claims that the crypto market remains unbothered amid the ongoing debate of the crypto tax provision infrastructure bill.
<h2><strong>Crypto Remains Stable Amid Crypto Tax Provisions: Novogratz
</strong></h2>
In a <a href="https://twitter.com/novogratz/status/1424637928635047937" target="_blank" rel="nofollow noopener">tweet</a>, Galaxy Digital CEO Mike Novogratz claims that the crypto market is not crashing amid the <a href="https://www.cryptoknowmics.com/news/senate-infrastructure-bill-exempts-crypto-miners-from-new-tax-rules/">disastrous infrastructure bill</a> which gives the possibility of two reasons that DC realizing the crypto community is influential while proving exactly why people want decentralized systems in the first place.

Earlier this week, billionaire crypto proponent said that most U.S. leaders don't understand cryptocurrencies and have a flawed understanding of crypto and its technological underpinnings in response to an anti-crypto tweet from Sen. Elizabeth Warren in which she <a href="https://www.cryptoknowmics.com/news/crypto-needs-more-vigilance-to-avoid-systemic-dangers-elizabeth-warren/">described cryptocurrency</a> as the "wild west of our financial system."

https://twitter.com/novogratz/status/1422642362753470467

<em>"Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology.</em> <em>Most of our leaders haven't done that yet."</em>
<h2 class="fxs_headline_large"><strong>Crypto Industry Fears Bill's Disastrous Impact</strong></h2>
Last week, United States senators Mark Warner and Kyrsten Sinema introduced a new amendment to the initially proposed infrastructure bill that excludes and hardware and software wallet providers from cryptocurrency tax reporting provisions.

However, a competing amendment made at the last minute by Senator Rob Portman, a Republican, and Democrats Sinema and Mark Warner proposed for some software companies and miners under crypto tax reporting requirements. If these entities are classified as brokers, they would have to monitor and track user transactions for data that they don’t have access to.

Crypto proponents say that the new tax reporting requirements are unworkable for crypto miners, wallet providers, and protocol developers as it could stifle innovation in the industry and may lead to an exodus to other jurisdictions with Twitter CEO <a href="https://www.cryptoknowmics.com/news/crypto-community-argues-biden-administration-could-crush-the-cryptocurrency-ecosystem/">Jack Dorsey</a> arguing that the “amendment makes it worse, especially for open source developers."

https://twitter.com/jack/status/1424011960169947138

Crypto Is Not Crashing Amid Infrastructure Bill Fiasco: Mike Novogratz

Galaxy Digital CEO Mike Novogratz claims that the crypto market remains unbothered amid the ongoing debate on the crypto infrastructure bill.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Is Not Crashing Amid Infrastructure Bill Fiasco: Mike Novogratz

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