Congressman Warren Davidson On How The Last-Minute Bitcoin Tax Bill Is Bad For America

Congressman Warren Davidson explained how the cryptocurrency tax addition to the Senate infrastructure bill is bad for the U.S.

Watch This Episode On YouTube

Listen To This Episode:

Unless you’ve been living under a rock for the past 48 hours, you’ve likely heard about the last-minute addition of a cryptocurrency tax to the U.S. Senate’s forthcoming infrastructure bill.

In this episode of the “Bitcoin Magazine Podcast,” host David Zell sat down with one of D.C.’s strongest Bitcoin supporters, Representative Warren Davidson (R-OH), to talk about the specific language and potential impact of this cryptocurrency tax legislation. As it stands now, the bill’s language is so broad that it could apply to a myriad of crypto-related activities that have no business being taxed. Worse still, the additional compliance costs that this bill could trigger would gravely jeopardize the viability of companies and startups in the Bitcoin space. Davidson blasted its stunningly poor verbiage, lamenting that it must have been written by people either totally ignorant about the industry or worse, by people looking to harm it. In his view, passing the bill in its current form would be a disaster both for the cryptocurrency industry and the American economy overall.

Davidson spoke about how this bill marks a departure from America’s longstanding role as a nation that spearheads innovation. Should it pass with its current language, he warned, America risks missing out on one of the most revolutionary technological strides in history and falling behind our adversaries in this vital innovation.

“America led in the Industrial Revolution, the advent of the automobile and the development of the internet,” said Davidson, “and now America is about to forfeit that leadership with this new technology.”

The congressman discussed how the bill might be altered for the better and how much time there is to fix it. At the end of our discussion, Davidson called on the Bitcoin community to jam up the phone lines of their elected officials and implore them to fight the cryptocurrency tax language in the bill. You won’t want to miss this. 


Tagged : / / / / / / / / /

Bitcoin 2021: Bringing Bitcoin Innovation Home To America

Allan Stevo, U.S. Senator Cynthia Lummis (R-WY) and Rep. Warren Davidson (R-OH) discussed their ideas for bringing innovation to America.

This conference session took place on day one of the Bitcoin 2021 conference in Miami on June 4 and 5. Make sure that you set a reminder for the Bitcoin 2021 day two YouTube live stream now. Experience the #Bitcoin2021 party from anywhere in the world by joining our conversation on Telegram, and be sure to subscribe to our newsletter to stay on top of the latest Bitcoin news and all the happenings at Bitcoin 2021.

Watch this Bitcoin 2021 conference recording here.

In this Bitcoin 2021 conference speaker session, the conference had the pleasure of hosting two United States government officials, Senator Cynthia Lummis and Representative Warren Davidson, alongside Allan Stevo, author of The Bitcoin Manifesto. They discussed “Bringing Bitcoin Innovation Home To America,” talking about what they can do to entice investors and entrepreneurs to their country, as well as protect their investment.

“If we don’t protect private wallets, someone is going to try to ban them…I wish people were as adamant about protecting the right to privacy as they were about the 2nd Amendment, the right to bear arms,” warned Rep. Davidson. His warning resonated with a group which defends the right to privacy ferociously.

Senator Lummis spoke of a potential bitcoin backed reserve currency; “It’s important to have bitcoin underpinning the US dollar, as a store of value, the way gold used to be.”

Although this idea and many of the others discussed may not be entirely accepted by Bitcoiners, who generally do not accept the government, it was extremely interesting to hear from two policy makers. 

Join the #Bitcoin2021 party from anywhere in the world by joining our conversation on Telegram. Plus, be sure to subscribe to our newsletter to stay on top of the latest Bitcoin news and all the happenings at Bitcoin 2021.


Tagged : / / / / / / /

Interview: Bitcoin In Congress With Warren Davidson

Representative Warren Davidson joined the “Bitcoin Magazine Podcast” to discuss bitcoin, Congress and the “Token Taxonomy Act.”

Watch This Episode On YouTube

Listen To This Episode:

On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Congressman Warren Davidson of Ohio! Congressman Davidson burst into the Bitcoin scene in 2019 when, in a congressional hearing, he mentioned the difference between Bitcoin and “shitcoins,” putting the term shitcoin in the official congressional record.

Rep. Davidson has a history in the military and then as an entrepreneur which has greatly shaped his worldview and his understanding of the current fiat monetary and banking system. He recognizes the importance of sound money in a free society and why Bitcoin is well aligned with American values.

Rep. Davidson is on a financial services committee in Congress and is working hard to create more regulatory clarity for cryptocurrency in general in an effort to make America as competitive as possible for Bitcoin businesses to thrive. Rep. Davidson is acutely aware of how difficult it is today for a Bitcoin business to operate in the United States because of the lack of clarity and the purposely negligent attitude from the U.S. Securities and Exchange Commission regarding a Bitcoin exchange-traded fund (ETF). Rep. Davidson is a coauthor of the “Token Taxonomy Act,” which is supposed to bring an enormous amount of clarity and recognition of cryptocurrencies to the U.S. legal system. The act is still in early stages and Warren is fighting to get it the attention that it deserves.

Please enjoy this wide-ranging and fascinating conversation with Congressman Warren Davidson. 


Tagged : / / / / / / / /

Congressman Warren Davidson Re-Introduces Token Taxonomy Act 3.0

U.S. Congressman Warren Davidson (R-OH), has reintroduced the Token Taxonomy Act. The bill was previously floated in 2018 and 2019 but failed to see the light of day under the Trump administration. If it makes it this time around, altcoins will be exempted from U.S. securities law and crypto-to-crypto transactions will no longer attract taxes.

Rep. Davidson Not Giving Up Just Yet

Not giving up on his fight for the implementation of amenable regulations in the United States blockchain ecosystem, Congressman Warren Davidson, a former military officer who’s now Representing Ohio, has reintroduced the Token Taxonomy Act.

It will be recalled that the bill was previously introduced in 2018, but the proposal was never voted upon and in 2019, Davidson reintroduced a revised version of the bill. However, it still could not see the light of day.

With the crypto-hating ex-president Trump administration now over, Davidson and his other forward-thinking colleagues, including Ted Budd, Darren Soto and Josh Gottheimer, are now looking to give the legislation one more trial.

Enter Token Taxonomy Act 3.0.

The Token Taxonomy Act 3.0 has exactly the same objective as the one proposed in 2019. It aims to amend the U.S. Securities Act of 1933 and the Securities Exchange Act of 1934 in a way that removes digital tokens from their purview, exempt cryptoassets held in retirement accounts from taxation and put in place tax exemptions for crypto-to-crypto transactions, among others. 

Commenting on the Token Taxonomy Act 3.0, Davidson reiterated that the United States is gradually losing the opportunity of taking the lead in the rapidly-evolving cryptospace, and now is the time to act.

In his words:

“The window is closing. If we don’t act quickly, the UnitedStates will be left behind. Other countries have found ways to regulate blockchain projects and, in doing so, have made themselves more attractive to entrepreneurs. By establishing the appropriate regulatory environment, we can make sure that the opportunities and advancements that blockchain innovation promises will happen here in the United States, for the benefit of Americans.”

Indeed, the growth of the U.S. crypto industry is being stifled by regulatory uncertainties, as residents cannot access a vast array of legitimate crypto-linked investment vehicles.

In a bid to enlighten financial regulators in the country and make them understand the importance of cryptos, the Blockchain Association has scheduled a meeting with the U.S. Treasury Secretary Hellen Yellen, who recently said bitcoin’s primary use case is for illicit transactions.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / / /
Bitcoin (BTC) $ 27,689.42 1.06%
Ethereum (ETH) $ 1,643.78 0.13%
Litecoin (LTC) $ 64.61 0.52%
Bitcoin Cash (BCH) $ 231.18 1.31%