Senator Mike Lee warns that passing crypto law will be a huge mistake | “You’re going to stifle innovation, you’re going to make a lot of people upset, and you’re going to make Americans poorer”

https://news.bitcoin.com/us-senator-passing-unproven-crypto-law-stifle-innovation-make-americans-poorer/

U.S. Senator Mike Lee has raised concerns that adopting the crypto tax provision in the $1.2 trillion infrastructure bill will stifle innovation and make Americans poorer. He explained that cryptocurrencies are not like securities and cannot be regulated with the same policies, noting that to do so would drive innovation offshore.

“These aren’t just stocks. It’s something very different. It’s a medium of exchange that, if adopted more widely, could facilitate a lot of economic activities and a lot of innovation within the United States of America.”

“What you’ll see is the flight of innovation, and investments related to innovation, to offshore locations around the globe.”

"You are trying to adopt many-decades-old regulatory policies to a completely new form of exchange — one that, by the way, values very highly the privacy of those who exchange in it.”

“If what you’re going do is take away that value by requiring that all of it be registered and publicly disclosed by giving the federal government the ability to peer into it, you’re going to stifle innovation, you’re going to make a lot of people upset, and you’re going to make Americans poorer.”

Im blown away! He has outlined basically all of our arguments hasnt he?

submitted by /u/Ardi2Ole
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