Many well-known crypto community members have condemned the US President’s proposed rules for reporting crypto taxes. The Internal Revenue Service proposed the respective rules on the 25th of August however the crypto community. The proposed rules focus on the trading and selling of digital assets. With these rules, the brokers would witness convenience in their tax filings.
Biden’s New Crypto Tax Rules Attract Criticism from the Crypto Community
In addition to this, the rules also intend to stop tax evasion by brokers. The United States Department of the Treasury signified that the respective rules would assist the consumers a lot.
As per it, crypto tax reporting would become analogous to the reporting of tax dealing with the other assets. Nonetheless, several members of the crypto community believe otherwise. They think that the strict rules in this respect will oust the crypto market from the US.
Ryan Selkis (the CEO of Messari) was among the people who reacted against the respective development. He noted on X that if Biden secures reelection, there is no room for crypto to flourish within the US.
Similarly, crypto venture platform CoinFund’s president Chris Perkins believes that other nations have progressed more than the US. As per Perkins, the latest rules will pave the way for a huge decrease in innovation within the country’s jurisdiction.
Blockchain Association’s CEO Expresses Reservations on Merging Traditional and Digital Assets
Instead of resorting to strict crackdowns, he proposes detailed and simple rules. According to him, such rules permit secure innovation around the crypto market. In the meantime, others still express skepticism saying that neither Republicans nor Democrats would properly defend crypto interests.
On the 25th of this month, the reports pointed out that the Blockchain Association’s CEO Kristin Smith also held reservations concerning merging the traditional assets and the digital assets.
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