Elon Musk Criticized the USA Congress’s Plan About the Taxation of Cryptocurrencies

The crypto industry is in rage about the plans of the US Congress to implement the extended taxation of the cryptocurrencies. Many financial influencers that support the innovation publicly spread their word against it in social media. Elon Musk didn’t become an exception.

Brian Armstrong, the CEO of Coinbase, called this situation disastrous and this moment the one that defines the future of the industry. Musk responded, expressing solidarity with Armstrong and noticing that there is no time to pick winners and losers in the technology.

The demands of the coming bill cannot be fulfilled on technical grounds because miners simply cannot know the details about every transaction, so they aren’t able to inform the regulators about them. The US Congress demonstrates poor understanding of the technology, creating a problem for the industry development.

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