People are reacting differently to the US cryptocurrency tax bill that is shaking the community in recent times. There is a high apprehension that the bill might win the debate and becomes a law in the United States.

Currently, the cryptocurrency tax bill is under debate, and big shots such as Jack Dorsey are actively participating in the argument online.

Dorsey is the CEO of Twitter and has been known as a cryptocurrency and Bitcoin advocate. He has been active in sharing his opinion about the controversial crypto tax bill on his microblogging platform.

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Dorsey took to Twitter to voice his opinion about tax reporting by firms. He believes that forcing firms to do the reports is unreasonable since they may not have the tools to collect the information. In such situations, these firms may move their businesses out of the US.

Meaning of “Broker” As Per Jack Dorsey

Another vital thing that Dorsey mentioned in his Tweets is what the term “broker” means. The Twitter CEO believes that many people get the term wrongly and try to define the word in a simpler term.

Dorsey believes that brokers should be seen as a place “where investors exchange digital assets. However, the Twitter CEO mentioned that this simple definition might not be acceptable to the US Senators.

Though he believes that the definition will help to achieve about 90% of the goal. As for the 10%, Dorsey opines that the senate should make law via committee hearings that will involve witnesses from both ends.

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He, however, commended the efforts of some senators such as Cynthia Lummis, Ron Wyden, and Pat Toomey. These senators have been fighting to protect bitcoin miners, software developers, and hardware manufacturers in the crypto space.

Brief On Cryptocurrency Tax Bill

The lawmakers in the United States recently came up with a tax policy to generate up to $28 billion from the cryptocurrency industry within ten years.

Unfortunately, before properly checking how the proposal will impact the market. The lawmakers added this bill to the recent $1 trillion infrastructure bill, which is still under debate in Congress.

Despite all the regulatory fuss, the cryptocurrency market keeps trading upward | Source: Crypto Total Market Cap on TradingView.com

This cryptocurrency bill has caused many panic and controversies in the industry, and many top shots have said many things about it. For instance, prominent figures such as Brian Armstrong and Elon Musk have commented on it.

Featured image from The Verge, and chart from TradingView.com