U.S. Crypto Tax Proposal Faces Backlash

U.S. Crypto Tax Proposal Faces Backlash

By Miles

26 Aug 2023 (about 1 year ago)

2 min read

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Soon after the U.S. shared its plans for taxing crypto gains, many in the crypto world expressed their disapproval, especially regarding the term "brokers."

Key Points:

  • Immediate Criticism: The new tax plan for digital assets from the U.S. Treasury Department faces resistance as it enters a phase of public feedback.

  • Online Complaints: On X (previously known as Twitter), many criticized the wide reach of the tax, especially its impact on decentralized crypto operations.

  • DeFi Lobbyist's View: Miller Whitehouse-Levine, a DeFi lobbying group CEO, believes the tax is too broad, citing concerns about its potential effect on self-hosted wallets.

  • Wallet Concerns: Some say that services like Metamask and Uniswap might fall under the new tax rules, making them create new rules for their users.

  • Congressman's Statement: Congressman Patrick McHenry said the proposal was too broad and should be clearer and more focused.

  • Blockchain Association's Stance: Kristin Smith, CEO of the Blockchain Association, stated that while the crypto world is unique and needs special rules, the right regulations could make tax compliance easier for users.

  • Feedback Period: The industry can give their opinions until October 30, with public hearings set for November 7 and 8. The proposal welcomes input from the crypto community.

  • A Positive Note: The tax plan mainly doesn't include crypto mining operations, which was a previous concern.

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