The crypto industry is under attack and included in the 1 trillion dollar infrastructure bill is a proposal that could crush crypto. And in this article, we're going to cover what this proposal is, along with other noncrypto proposals that will surprise you and likely anger you. And also, we're going to cover how we can fight back right now and protect the crypto industry.
Coinbase CEO Brian Armstrong has stated that the proposed crypto tax will makes no sense. And this proposal was added last minute to the U S Infrastructure bill. And this is common, before a major bill is passed lobbyists and politicians will do anything they can to sneak in a proposal hidden. No one is really paying attention to it, and when it comes to this crypto proposal, they are going to raise 28 billion dollars in extra revenue by expanding taxation on crypto transactions, which is not so surprising. We understand that United States will get tax in many ways, and they want their tax when it comes to crypto. However, the wording is a bit confusing because it mentions that it's going to tighten these rules and quote brokers.
And this wording is very broad. And if it is not clarified, it can definitely crush the crypto industry moving forward. And it makes sense why the wording is unclear, because these proposals are often added last minute without any care or thought. Right? No one's really paying attention. And the problem with the wording is that if they don't clarify what brokers means, it can apply to almost everyone in the crypto space.
So we need to clarify and rewrite this proposal to make sure that we do not enter into any dangerous territory that will harm us in the future in the crypto industry. We need to make sure that this focuses on real brokerages, exchanges, but not on miners, not on smart contracts, not on software developers. And Armstrong called on us crypto proponents to get behind the amendments proposed by pro-crypto senators such as Ron Wyden, Patrick Toomey and Cynthia Lummis, calling for a narrower definition of crypto intermediaries.
Right now, we can actually help, we can fight back. And this was a tweet put out by Jake Chervinsky, he is a lawyer also a crypto and DeFi enthusiast. And he put a link for a website that gives us a number that we can simply call and help save the crypto industry. This is a very small thing you you can do that actually can have a great impact, if enough of us call. There's nothing to lose, if we do not fight to protect the crypto industry, no one else will. And a reminder;
So right now, call them, share this with your friends, anyone you know that's in the crypto space. Now, this is only focusing on crypto. But as mentioned, this infrastructure bill, it's over 2,700 pages long, and it's called the infrastructure bill, which means, obviously, that it will focus on industry such as building roads, bridges, ports and high-speed Internet. But you really need 2,702 pages to cover these topics. Of course not. So why is it so long? It is so long. Because like we mentioned in the beginning of the article, last minute, lobbyists and politicians will do anything they can to add their own interests and their own proposals. And I'm going to go through this tweet, the series of tweets from this Twitter account, Oilfield Rando. And he actually took the time to go through parts of the bill and look for some inconsistencies. For example, he found 250 million dollars set aside for an invasive plant species removal program.
Apparently, that's infrastructure. Now, I'm not here to tell you if this is good or bad. Yes, it's probably a good thing to remove invasive plant species, but should it be included in this bill? This is an infrastructure bill, is right now the time during a pandemic where people are struggling with food, people are struggling with money. People are going to be evicted from their homes and their apartment.
So I'm not saying that these proposals that are being added aren't bad, but should they really be included in this bill? What about this one, 50million dollars for studies on how to tax us more with road usage and per mile fee.
So they're going to take money from our taxes and then use it to study how to tax us even more. Because remember, whenever you have a bill, you are paying for it either through direct taxes or number two, money is being printed and you are being taxed on inflation. So whenever you see a bill passed and you see this money that is being spent, you are paying for it, we are paying for it. And if we continue, we can see studies on people hitting deer, and of course, he's making it sound funny, right? Infrastructure, is that really infrastructure? No, likely not.
And again, are we really against, studying people hitting deer? Yes, it might be an important thing, but should it really be included in this bill? Is this under infrastructure? And you keep going down, and you start to understand that these proposals that are just being added last minute, they have nothing to do with infrastructure. And also in terms of paying taxes, not everyone has a problem with it, right? You pay your taxes, and it goes to help a country, help a city. But the problem is there's no transparency here. Who is writing these proposals and why are they being written?
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