Crypto community reacts to Biden's proposed crypto tax reporting rules
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 no future for crypto in the US if Biden is reelected. I'm sorry.
Move abroad, draft Newsom and hope for the best, or vote GOP where at least we know the top three candidates are less terrible on this issue.
Crypto has always been political.
Have a nice weekend.
Likewise, Chris Perkins, president of crypto venture firm CoinFund holds the viewpoint that other countries have surged ahead of the U.S., and these rules will inevitably result in reduced innovation flowing into the country.
Rather than resorting to harsh crackdowns, he believes that simple and detailed rules that will allow safe innovation across the crypto industry is needed.
To clarify, I agree that other jurisdictions have seized the initiative and the U.S. has sadly fallen behind. We need proactive, nuanced policies that encourage and unlock responsible innovation across crypto verticals. Clarity is coming, one way or another. The
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