Coinbase sends a letter to the U.S. Internal Revenue Service: The proposed crypto tax law has issues such as excessive scope and invasion of privacy

Odaily Planet Daily News Coinbase sent a 14-page letter to the IRS on Thursday expressing serious concerns about the nature and scope of its proposed tax regulations. Coinbase said: “We have long advocated for a tax system that treats digital assets the same as traditional financial assets, and the proposed regulations will impose unprecedented, unfettered and unrestricted tracking of Americans’ daily lives. , would allow the government to oversee the most personal health care decisions Americans make, even buying a cup of coffee." Coinbase listed six overall comments related to its objections: lack of parity with financial services, duplicative and cumbersome reporting, invasion of privacy, violation of technology neutrality, unrealistic compliance timelines, and missed exploitation blocks Chain ensures taxpayers have the opportunity to comply. Coinbase said the proposed rule’s overreaching scope would be counterproductive and make it more difficult for the IRS to enforce tax laws on cryptocurrency transactions involving Americans. (The Block) Yesterday, it was reported that a group of senators led by Democratic Senator Elizabeth Warren and independent Senator Elizabeth Warren urged the IRS to speed up its plan to combat crypto tax fraud, and a relevant hearing is scheduled to be held on November 7.