The U.S. Treasury Department’s new tax proposal is opposed by the crypto community

Odaily Planet Daily News Miller Whitehouse-Levine, CEO of a DeFi lobbying organization, stated that the new tax proposal of the US Treasury Department is too broad, and its terms allow it to cover all types of entities. Wallet providers such as Metamask, DEXes such as Uniswap, and any smart contracts with multi-signature security setups could be included in reporting requirements. Kristin Smith, CEO of the Blockchain Association, said in a statement: "The encrypted ecosystem is very different from traditional assets and cannot be targeted at ecosystem participants who do not have a compliance path." But Smith also acknowledged the positive significance of the proposal, and future rules may It will give the majority of encrypted investors a clear tax return path and remove the main barriers to participating in digital assets. (CoinDesk)