Critics Slam Biden's Proposed Crypto Tax Reporting Rules, Raising Concerns for Industry Future in the U.S.
Summary:
Prominent crypto commentators criticize new tax reporting rules proposed by President Biden. Concerns raised about the impact on innovation and future of crypto industry in the United States. Skepticism expressed about both parties' ability to champion crypto interests. Previous suggestion to impose taxes on crypto mining also causing unease. Debate continues regarding the effect of regulatory choices on the U.S. crypto industry.
Several prominent figures in the crypto community have expressed their dissatisfaction with the new crypto tax reporting rules proposed by President Joe Biden. The Internal Revenue Service (IRS) has suggested that brokers should adhere to these rules to prevent tax evasion in the crypto space. However, many believe that these stringent regulations will only push the industry further away from the United States. Ryan Selkis, the CEO of Messari, voiced his concerns, stating that if Biden is reelected, there will be no future for crypto in the country. Others, like Chris Perkins, president of CoinFund, argue that these rules will lead to a decrease in innovation flowing into the U.S. Despite the criticism, some remain skeptical that either the Democrats or Republicans will adequately support crypto interests. This debate comes after Biden's proposal to impose taxes on crypto mining to reduce its impact. The crypto industry has continuously expressed concerns about regulations affecting innovation in the country, with Grayscale Investments CEO Michael Sonnenshein warning that excessive enforcement actions by the SEC might drive crypto firms out of the U.S.
Published At
8/27/2023 6:01:17 AM
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