IRS Crypto Reporting Rules Face Backlash Over Privacy Concerns, Questionable Tax Revenue
-
IRS proposal requires crypto businesses to collect and report customer data, despite many not having that info.
-
Original rationale was to gain $28B in taxes, but estimates now only $2B over 10 years.
-
Proposal forces reporting even if business doesn't collect customer data.
-
Expands existing framework of financial surveillance like Patriot Act.
-
Congress, not just IRS, responsible for fixing overreach and protecting privacy.
![](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1200/https://s3.cointelegraph.com/uploads/2023-10/b57ef020-c2d0-4e04-99c3-2ca65608047c.jpg)