Denelle Dixon, CEO of Stellar Development Fund (SDF) has shown support to the crypto-friendly Wyden-Toomey-Lummis infrastructure deal and opines that blockchain innovation in the US should support “smart legislation and accountability that makes sense.”
<h2><strong>Stellar CEO Calls for Fair Legislation for Blockchain Innovation</strong></h2>
Denelle Dixon, CEO and executive director of the Stellar Development Foundation, a nonprofit organization that supports the growth and development of Stellar, an open-source blockchain network takes to <a href="https://twitter.com/DenelleDixon/status/1424368699851509767" target="_blank" rel="nofollow noopener">Twitter</a> to show her support to the Wyden-Toomey-Lummis amendment, saying:
<blockquote><em>"Let's keep tax policy technology-neutral and foster innovation in a growing industry that gives way to new opportunities and greater financial inclusion. We urge Congress to pass the Wyden-Toomey-Lummis amendment so blockchain innovators can get back to work building financial rails that serve everyone."</em></blockquote>
The proposed infrastructure bill advocates for stronger regulations for organizations dealing with cryptocurrencies with reporting requirements for brokers that include requiring digital asset transactions worth more than $10,000 to be disclosed to the Internal Revenue Service (IRS).

Several amendments to the infrastructure deal have been submitted on modifying the <a href="https://www.cryptoknowmics.com/news/senate-infrastructure-bill-exempt-bitcoin-miners-from-new-tax-rules/">proposed</a> bill. Just last week, Senators Ron Wyden, Cynthia Lummis, and Pat Toomey introduced an amendment to the Senate’s existing infrastructure bill that changes the bill’s definition of a broker that excludes proof-of-stake miners and developers to avoid the additional reporting requirements.

A day later, a modified amendment proposed by Warner, Portman, and Sinema was proposed that requires miners, validators, or hardware wallet providers as brokers and requires them to report transactions to the Internal Revenue Service (IRS).
<h2><strong>Bill Could Potentially Hinder Growth and Innovation</strong></h2>
While the bill supports cryptocurrency innovation, the recently introduced amendment could potentially grow and pick winners and losers simply by the kind of technology employed.

For instance, the modified amendment calls for crypto tax reporting requirements for <a href="https://www.cryptoknowmics.com/news/a-complete-guide-to-the-proof-of-stake-in-blockchain/">proof-of-stake</a> miners on customer information they don't have access to.

<em>"We agree with industry leaders that brokers such as crypto exchanges should comply with reporting obligations. But defining, for example, a Stellar network node or validator as a broker simply doesn't make sense. Validators don't have customers, don't execute trades, and lack reportable information," </em>mentions Stellar CEO, Denelle Dixon.

Blockchain Innovation Needs Smarter Legislation: Stellar CEO

Denelle Dixon, CEO of Stellar Development Fund (SDF) opines that blockchain innovation in the US should support “smart legislation and accountability.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Blockchain Innovation Needs Smarter Legislation: Stellar CEO

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