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What the Crypto tax fiasco tells us

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Mr. Crypto Lemon 🍋
@vlemon
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Hello HODLers,

Everybody has been talking about this subject for the past week so you must be fed up. Nevertheless, there are some very interesting things that we learned from these past stressful days.

1. Do NOT mess with the Crypto Community

I believe there has NEVER been so much pressure on senators from their constituents for an infrastructure bill over the past 20 years.

They have been hammered by outraged crypto users and libertarians. I have read that more than 45 000 calls were made to Senators and more than 30 000 emails sent to legislators by Americans.

The Senate thought they could get a few bns of easy crypto taxes.This was not the issuem the issue is that they de-facto were killing any blockchain actor and destroying the privacy of crypto users.

2. Ted Cruz is a good guy. Yes!

Well, I think it shocked a lot of CryptoFanatics but T.Cruz did his homework and understands cryptocurrencies. He has become one of the most respected political voice on the subject.

This also reinforces the view that Texas and in particular Austin has become one of the main CryptoHub along Miami and the Bay Area.

His speech on the Senate floor is already legendary.

It should be NFTed !

https://www.youtube.com/watch?v=C90Aw2djGzA

3. Crypto is now consider an equal to USD

What is the most important is that all this fuss about an infrastructure bill and the way the senate tried to tax it has just proved that Bitcoin is now accepted as a de facto currency INSIDE the United States.

Some would say "WEN legal tender as in Salvador?". Well, later...

4. A Bitcoin Tax Software Firm Valued at $1.3 Bn

Well, at least some crypto company took advantage of all this noise to raise a considerable amount of cash (130mn) in order to continue to develop its business.

Congrats to them. More detailed article here

YES, crypto will be taxed, but it needs to be done as any other assets and without destroying the innovation.

Did I miss something?

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