Crypto Milled – US may also expel Bitcoin miners, says US senator – News
The United States could be the next country to expel Bitcoin miners from its territory. However, unlike China, which started a persecution of miners due to restrictions on cryptocurrencies, in the case of the American country, miners can be expelled due to taxes.
As announced by US regulators, the country has recently passed the Infrastructure Law. The new regulation aims to increase the State’s collection through new taxes.
According to the government, new taxes will be implemented for works and other improvements. This includes construction of roads, bridges, public transport, ports and waterways.
However, this new tribute could hit the growing Bitcoin mining industry in the US hard. That’s because the new law must tax application developers, hardware wallet vendors, miners and Bitcoin node operators.
In this regard, to prevent a possible exodus not only of Bitcoin miners, but of other companies linked to the cryptocurrency industry, some representatives of Congress are supporting the Republican senator from Texas, Ted Cruz.
US and cryptocurrencies
The senator presented a bill to “erase” from the law the products and services that fall under the term “broker”. This is exactly where the crypto industry fits.
“The amendments made by the section of the Jobs and Infrastructure Investments Act are repealed. And the provisions of the law amended by that section are restored as if that section had never been enacted,” says the senator’s bill.
The Texas politician justifies the need to amend the law because otherwise “the provision will stifle innovation.”
Furthermore, he says, “it will jeopardize the privacy of many Americans and cryptocurrencies. And it will likely push important aspects of the industry abroad to countries like China.”
“The Lone Star State quickly became the main hub of the cryptocurrency industry. And this exciting industry is now in danger of being smothered and driven abroad by over-provisioning in this newly signed reckless spending package,” protests Cruz.
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