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Market

Mark Cuban compares the cessation of crypto growth to the cessation of e-commerce in 1999

August 11, 2021 - Around 2 mins mins to read

Cryptocurrency leaders continued to converse out as the $ 1 trillion bipartisan infrastructure invoice, recognized for tightening company cryptocurrency guidelines and dealer reporting necessities, was handed by the U.S. Senate. Billionaire investor and Bitcoin (BTC) proponent Mark Cuban is one of them.

Speaking to the Washington Post the weekend earlier than the invoice was formally handed in the Senate, Cubans drew a parallel between the rise of cryptocurrency and the rise of e-commerce and the web, saying:

“Shutting down this growth engine is tantamount to shutting down e-commerce in 1995 because people were scared of credit card fraud. Or regulate the creation of websites because some people thought they were complicated at first and didn’t know how much they were worth. “

Mark Cuban is a strong proponent of cryptocurrencies and decentralized funding. The owner of the Dallas Mavericks is known for the fact that Mav can accept Bitcoin, Ether (ETH), and Dogecoin (DOGE) payments for tickets and items.

He also argued in May that the prices of crypto assets are increasingly reflecting real utility and demand, and that the day will come when cryptocurrencies will “have matured to the point where we wonder how we would ever be without them be able to live”.

Related: Senators Introduce Pro-Crypto Amendment to Infrastructure Act; The industry says it’s not enough

On Tuesday morning, the US Senate passed the controversial bill with 69 to 30 votes. The main focus of the bill is on funding roads, bridges and major infrastructure projects worth approximately $ 1 trillion.

However, the bill has raised serious concerns in the crypto ecosystem as it would introduce stricter rules for crypto businesses, expand broker reporting requirements, and require that transactions of digital assets worth more than $ 10,000 must be submitted to the Internal Revenue Service (IRS).

Senator Pat Toomey, who was part of the legislature who wrote an amendment to the Infrastructure Act to exclude certain crypto companies from broker reporting requirements, said, “Do you know that the new law is” a fatal flaw and, in some cases, an unenforceable crypto Tax reporting mandate “imposed threatens future technological innovations”.

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Market

Mark Cuban compares the cessation of crypto growth to the cessation of e-commerce in 1999

Cryptocurrency leaders continued to converse out as the $ 1 trillion bipartisan infrastructure invoice, recognized for tightening company cryptocurrency guidelines and dealer reporting necessities, was handed by the U.S. Senate. Billionaire investor and Bitcoin (BTC) proponent Mark Cuban is one of them.

Speaking to the Washington Post the weekend earlier than the invoice was formally handed in the Senate, Cubans drew a parallel between the rise of cryptocurrency and the rise of e-commerce and the web, saying:

“Shutting down this growth engine is tantamount to shutting down e-commerce in 1995 because people were scared of credit card fraud. Or regulate the creation of websites because some people thought they were complicated at first and didn’t know how much they were worth. “

Mark Cuban is a strong proponent of cryptocurrencies and decentralized funding. The owner of the Dallas Mavericks is known for the fact that Mav can accept Bitcoin, Ether (ETH), and Dogecoin (DOGE) payments for tickets and items.

He also argued in May that the prices of crypto assets are increasingly reflecting real utility and demand, and that the day will come when cryptocurrencies will “have matured to the point where we wonder how we would ever be without them be able to live”.

Related: Senators Introduce Pro-Crypto Amendment to Infrastructure Act; The industry says it’s not enough

On Tuesday morning, the US Senate passed the controversial bill with 69 to 30 votes. The main focus of the bill is on funding roads, bridges and major infrastructure projects worth approximately $ 1 trillion.

However, the bill has raised serious concerns in the crypto ecosystem as it would introduce stricter rules for crypto businesses, expand broker reporting requirements, and require that transactions of digital assets worth more than $ 10,000 must be submitted to the Internal Revenue Service (IRS).

Senator Pat Toomey, who was part of the legislature who wrote an amendment to the Infrastructure Act to exclude certain crypto companies from broker reporting requirements, said, “Do you know that the new law is” a fatal flaw and, in some cases, an unenforceable crypto Tax reporting mandate “imposed threatens future technological innovations”.

.

.

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