The crypto community is not satisfied with the Biden administration as the recent tax amendment seemingly targets Defi and can crush the cryptocurrency ecosystem. In accordance with the new <a href="https://www.fightforthefuture.org/actions/stop-the-senate-from-sneaking-through-total-surveillance-of-the-crypto-economy/" target="_blank" rel="nofollow noopener">petition</a> published on FightForTheFuture, the crypto community is pushing back against the recent crypto tax amendment that could have catastrophic effects on the proliferating industry.
<h2>Crypto Community Not Satisfied with Tax Amendment, Says Could Crush Cryptocurrency Ecosystem</h2>
As per the petition published on FightForTheFuture, it was written:

“This is a red alert. A provision that’s so poorly written it could crush the cryptocurrency ecosystem and dramatically expand U.S. government surveillance has been added to the must-pass bipartisan infrastructure package at the last minute.”

As revealed recently, the Biden administration has proposed a new <a href="https://www.cryptoknowmics.com/news/white-house-reportedly-supports-only-minor-alterations-to-crypto-tax-proposal/">tax amendment</a> that targeted Defi and PoS protocol, which has fumed the crypto community.

The amendment presented by Senators Mark Warner and Rob Portman said that the amendment would expand the breadth of taxation on crypto dealings and introduce new reporting requirements for brokers. 

The lawmakers, however, have provided an exemption from these obligations to proof-of-wok (PoW) networks and the two major PoW networks are Bitcoin and Ethereum. As it has been already revealed that Ethereum will soon <a href="https://www.cryptoknowmics.com/news/ethereum-eyes-resistance-following-major-london-hard-upgrade/">transition</a> to PoS after the launch of Ethereum 2.0.
<h2>Crypto Industry Reaction on the Recent Amendment</h2>
In response to this, the CTO of Slingshot, Zak Cole, even shared a template for people to text local senators and oppose the amendments.

Along with this, Sam Bankman-Fried, the CEO of crypto derivatives exchange FTX, said:

“The explicit exemption of PoW creates an implication that PoS would trigger requirements. This isn't about PoS miners being lazy or hating tax. They propagate public, decentralized, general ledgers. They don't know what trades, people do any more than the public does!”

Sam added that if the new bill passes then such bodies will have no other choice but to either shut down or leave the United States.

Crypto Community Argues Biden Administration Could Crush the Cryptocurrency Ecosystem 

The crypto community is not satisfied with the Biden administration as the tax amendment seemingly targets Defi and can crush the cryptocurrency ecosystem.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Crypto Community Argues Biden Administration Could Crush the Cryptocurrency Ecosystem

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