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Tuesday, March 5, 2024

China’s opposition to crypto is a great opportunity for the US

On September 24, 2021, Republican Party Senator Pat Toomey (@SenToomey) said that China’s authoritarian opposition to cryptocurrencies, including Bitcoin (BTC), is a great opportunity for the United States discovered in the crypto industry. It is also a reminder of our huge structural advantage over China.

The senator stressed that economic freedom leads to faster growth and a higher standard of living for all.

“Beijing is so hostile to economic freedom that it cannot even tolerate the participation of its people in the most exciting financial innovation in decades”, – he added.

Pat Toomey released a statement as the People’s Bank of China attempts to make it illegal to trade cryptocurrency between platforms or for fiat. Bitcoin fell below $ 42,000 amid tighter regulation.

Recall that at the end of August, Pat Toomey called on the US authorities to adapt the legislation to the crypto industry instead of ignoring and cracking down on it.

The senator previously co-sponsored a crypto industry friendly amendment to the provisions of the bipartisan infrastructure project.

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According to the initial wording of the bill, anyone who provides cryptocurrency transfer services and receives remuneration for doing so must report the activities of their users to the Tax Service.

According to one interpretation, these requirements could extend to blockchain miners and node operators, wallet developers, liquidity providers in DeFi protocols and other non-custodian actors.

On August 10, the United States Senate sent the House of Representatives an unamended document on cryptocurrencies. According to CNBC, citing a Ministry of Finance official, the agency does not intend to broadly interpret the definition of “broker” for industry participants, even if the infrastructure project is passed without the to modify.

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