United States Blockchain Association Opposes Proposed IRS Tax Regulations

The Blockchain Association (BA), a cryptocurrency advocacy group based in the United States, has voiced its opposition to tax regulations proposed by the Internal Revenue Service (IRS). In a letter submitted on November 13, the BA argued that the proposed IRS rules, which aimed to regulate the sale and exchange of digital assets by brokers, exceeded the government body's authority and showed a lack of understanding about the nature of decentralized technology and digital assets. The U.S. Treasury Department published a draft of the rules in August, aiming to address issues with reporting and paying taxes on crypto transactions. The BA criticized the proposal, claiming that many participants in the crypto industry would struggle to comply with the regulations if they were enacted. Furthermore, the BA argued that the proposal violated individuals' privacy rights and freedom of expression. Read more AI-generated news on: https://app.chaingpt.org/news