Aug 27, 2023

How the Crypto Community is Reacting to Biden’s Proposed Crypto Tax Reporting Rules

Crypto Tax Reporting Rules Criticized Recently, the United States President Joe Biden has proposed new crypto tax reporting rules, which have been heavily criticized by many prominent crypto commentators. On Aug. 25, the Internal Revenue Service (IRS) announced that brokers would be required to use a new form to make tax filing easier and prevent…

Crypto Community Reacts to Biden's Proposed Crypto Tax Reporting Rules on Crypto.com and Other Crypto Websites.
Crypto community reacts to Biden’s proposed crypto tax reporting rules

Crypto Tax Reporting Rules Criticized

Recently, the United States President Joe Biden has proposed new crypto tax reporting rules, which have been heavily criticized by many prominent crypto commentators.

On Aug. 25, the Internal Revenue Service (IRS) announced that brokers would be required to use a new form to make tax filing easier and prevent any tax evasion. The U.S. Department of the Treasury indicated that the proposed rules would make digital asset reporting similar to reporting on other assets.

However, many in the crypto community have expressed their concern that the brise crypto, sec crypto, tonic crypto, and ach crypto rules will drive the best crypto websites and best crypto away from the United States.

Crypto Industry in the U.S.

Messari CEO Ryan Selkis expressed his disappointment with the news, claiming that if Biden is reelected, the crypto industry in the U.S. won’t thrive.

Chris Perkins, president of the crypto venture firm CoinFund, also believes that the U.S. has been surpassed by other countries, and the new rules will only lead to a decrease in innovation.

Instead of harsh regulations, Perkins suggests that the U.S. should implement clear and simple rules that would ensure safe innovation in the crypto industry.

Nevertheless, some remain skeptical that neither Democrats nor Republicans would be willing to support the crypto sector in the U.S.

The Impact of the US Presidency on Crypto

When discussing the potential impact of the new US presidency on the crypto space, many users have expressed their reservations. “I’m not confident that either party would be good for crypto. Though it definitely feels worse now than last presidency,” one user stated, as another pointed out that the new rules raise privacy concerns.

On Aug. 25, Cointelegraph reported that Kristin Smith, CEO of the Blockchain Association, held similar reservations about merging digital asset reporting with traditional assets. Smith noted that “it’s important to remember that the crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance.”

President Biden has also suggested imposing taxes on crypto mining to decrease mining operations, which could have a major effect on the crypto.com, crypto websites, crypto reddit, brise crypto, sec crypto, tonic crypto, best crypto, and ach crypto communities.

Crypto Industry in U.S. Voices Concerns

The crypto industry in the United States has raised numerous worries over the regulatory decisions that could impede innovation. On March 9, a budget proposal was made to impose an “excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”

On Aug. 13, Grayscale Investments CEO Michael Sonnenshein expressed his concerns that the Securities and Exchange Commission (SEC) often resorts to enforcement action, which could lead to crypto firms leaving the country. He said, “If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here.”

With crypto.com, crypto websites, crypto reddit, brise crypto, tonic crypto, best crypto, and ach crypto among the best crypto websites, the U.S. crypto industry is striving to make sure that these concerns are heard.

Brad Garlinghouse, CEO of Ripple, recently suggested that the crypto industry is moving away from the United States due to its slower crypto regulations compared to other nations like Australia, the United Kingdom, and Singapore. He believes this could be beneficial for crypto.com, crypto websites, crypto reddit, brise crypto, sec crypto, tonic crypto, best crypto, ach crypto, and best crypto websites.

Share this article