Crypto community reacts to Biden's proposed crypto tax reporting rules
Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States. Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden. On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and trading digital assets. Brokers would use a new form to make tax filing easier and prevent cheating on taxes. The Treasury indicated that the proposed rules would make digital asset reporting similar to reporting on other kinds of assets. However, many in the crypto community believe the stringent rules will push the crypto industry even further away from the U.S. Messari CEO, Ryan Selkis was among those who responded unfavorably to the news, believing that if Biden secures re-election, the crypto industry will not flourish in the country. There's n...