- Cardano Founder speaks on the current US crypto Infrastructure Bill.
- Hoskinson blames the new US Bill for the current crypto bear.
- He also added they will ensure that the US is a safe place to run a crypto business.
Cardano founder, Charles Hoskinson briefly speaks about some regulatory updates. Following the recent US Infrastructure Bill, Hoskinson mentioned that there was some extremely ‘bad language’ put on the bill. Due to that, there have been some movements to correct that but with the recent US crypto law, it is difficult for them to make headway.
He reveals that the U.S crypto mandate may have catastrophic consequences on the American crypto industry. As a consequence, some things are coming down the pipe. Concurrently, there are two pieces of legislation that are going to be proposed. Also, he explains that one piece of the legislation in the coming weeks is going to focus on undoing the negative damaging language that is in the Infrastructure bill.
Brief Regulatory Update https://t.co/mp3MTJltCY— Charles Hoskinson (@IOHK_Charles) November 16, 2021
Not only this, Hoskinson again asserted that if the crypto community can rise and demand that the adjustment is passed, that it will put the crypto space back to where it was. However, there is an open question on what to do about the broader cryptocurrency space. There are several other groups of people in the Senate who will propose a larger bill, according to him.
Additionally, he added that the time has come to take the bull by its horns and pass something specific to crypto. On that note, they will do as much as they can on their side to the lobby.
He added that the industry is in a ‘slightly bad position’ because the Infrastructure bill was passed. If it is left to its own devices by 2023 when these mandates come into place, depending on how they are interpreted and what the Internal Revenue Service (IRS) does with it, it can cause catastrophic damage.
Charles Hoskinson emphasizes that the first call is to undo the damage and then get back to the baseline the crypto industry was previously. Then, the next goal would be to push for legislative reform to restructure the way that cryptocurrency, in general, is regulated in the United States.
In conclusion, he affirmed that the world is moving on and regardless of what the U.S policy is going to be, it will not slow down or stop crypto. Rather, it will leave many Americans jobless and will also affect the next generation of the American economy. Subsequently, this will set the U.S behind significantly.
What is all the hype about the Infrastructure Bill?
From 2023, cryptocurrency exchanges will have to record transactions, and track them for the IRS. They’ll have to disclose the names, addresses, and phone numbers of their customers, and also the gross proceeds from sales, and any capital gains or losses. Similarly, businesses that receive payments of $10,000 or more in crypto must report the identity of the sender to the government.