Crypto Industry Pushes Back on IRS Reporting Rules, Warning of Privacy Risks and Stifled Innovation
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Officials from IRS and Treasury showed interest in how non-financial assets like NFTs could be separated out and not reported.
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The officials asked how decentralized platforms would be burdened by the reporting requirements and whether stablecoins should be exempt.
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Industry representatives argued the definition of "broker" should be narrowed to exclude decentralized platforms.
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Speakers suggested tracking all transactions could reveal private purchases the government shouldn't monitor.
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Most of the 13 speakers criticized the proposal, saying it could stifle crypto innovation in the U.S.