Twitter’s Jack Dorsey Describes the Term “Broker” in Ongoing US Crypto Tax Bill Controversy
Joining other crypto proponents, Jack Dorsey has asserted what the “broker” term should mean, which is so wildly used in the US crypto taxation bill.
The controversy surrounding the cryptocurrency taxation bill that might be passed in the United States has evoked a mixed reaction from crypto proponents.
While the debate is still ongoing, Jack Dorsey, a popular Bitcoin advocate and CEO of the popular microblogging platform, Twitter, has recently shared his views on the matter.
In a series of tweets today, Dorsey noted that it would be unreasonable to force these reporting rules as some firms may not have the capacity to collect the required information, and this might push them to take their businesses elsewhere.
Jack Dorsey Clarifies “Broker” Term
Dorsey also called to mind that the issue of who must report as a “broker” is currently becoming confusing and offered to supply a simple definition.
“If we can’t strike the entire provision so we can have proper hearings and deliberation, then let’s simplify the definition of broker to what really matters: where digital assets are exchanged for fiat currency,” he said.
The Twitter boss added that the solution he has provided might not seem satisfactory enough for the senators, but it will accomplish a substantial percentage of the ultimate goal, about 90%.
“If you feel this doesn’t go far enough, I’d argue that this at least gets you to 90% of the goal. For the remaining 10% of edge cases, let’s make a proper well-informed law through committee hearings with witnesses on both sides of the debate.”
Furthermore, Dorsey recognized the efforts that Senators Pat Toomey, Cynthia Lummis, and Ron Wyden have been making to ensure the protection of bitcoin miners, hardware manufacturers, and software developers.
The Controversial Crypto Taxation Bill
US lawmakers recently proposed a new crypto tax policy that is expected to raise about $28 billion from crypto entities within 10 years.
However, without careful and thorough consideration of the impact of this proposal, it was hastily added to the $1 trillion infrastructure bill that is currently before the US Congress.
The move sparked many reactions from the crypto community, with prominent figures including Elon Musk and Brian Armstrong commenting on the topic.
While voting for the bill was supposed to take place on August 7th, the ongoing debates surrounding it have significantly delayed the proceedings. However, the vote will reportedly take place later today – August 8th.