Musk: Now is not the time to pick technology winners or losers in cryptocurrency, and we should not rush into legislation

Coinbase CEO Brian Armstrong tweeted today that there are several key moments that determine the future of encryption. One is the Senate's infrastructure bill, and Mark Warner and others subsequently proposed amendments to determine which basic technologies can or cannot be used in encryption.

In response, Musk replied that he agreed that now is not the time to pick technological winners or losers in cryptocurrency technology. There is no crisis forcing hasty legislation.

Earlier news, the U.S. bipartisan infrastructure bill plans to raise about $28 billion through cryptocurrency taxation by applying new information reporting requirements to exchanges and other parties. The crypto asset amendment to the U.S. Senate bipartisan infrastructure bill will raise about $23 billion through taxation.