China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

1:45 PM · Sep 24, 2021

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Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.
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Replying to @SenToomey
And it is a reminder there is an infrastructure bill with a new “digital assets” provision. Under 6050I of the tax code, there is new surveillance: required reporting on returns > $10,000 from digital assets starting in 2024. If not, there is a 5 year felony. (This is bad).
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@unusual_whales - Why is this bad though? Serious question. Shouldn't large asset returns always require reporting? I thought they do for everything else already? And don't crypto returns already have to be reported anyways? What am I missing?
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Replying to @SenToomey
#Bitcoin is the strongest form of property rights that has ever existed.
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Replying to @SenToomey
The U.S has a chance here to greatly differentiate ourselves from China…it’s up to member of congress to help maintain prosperity and freedom. #Bitcoin
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Replying to @SenToomey
LFG!!
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Replying to @SenToomey
We have an advantage that regulators squander every day. A #Bitcoin ETF should be approved. It would be a good consumer protection measure and a signal for embracing regulated growth in the U.S.
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What a magnificent message that would send: China banning #Bitcoin as hard as they can, while America responds by approving the first #Bitcoin ETF for the general public!
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Replying to @SenToomey
America's success is due, in part, by the freedoms granted to its citizens to innovate and grow. Let's harness an atmosphere that continues this innovative progress so our future is ever brighter ahead for all of us and our families.
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If America is about freedom (e.g. speech, bear arms, etc.), then #Bitcoin shouldn't be too hard. 💬🔫🪙 🚀
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