The crypto industry is staunchly fighting back against proposed regulation that would expand who would have to report certain cryptocurrency transactions with some calling it an impediment on decentralized finance citing constitutional concerns. The Treasury, alongside the Internal Revenue Service, released a set of proposed regulations in August that would require crypto brokers to be treated similarly to brokers for more traditional investments like stocks and bonds.
Since then, over 124,000 letters have flooded in — with 2,000 being filed in just the past two days. Some argue that the proposed rules stretch the definition of a broker too far. The IRS also held a hearing on Monday morning where the crypto sector and at one point, a tax preparer at a small tax firm, laid out the impacts of the proposed rules. An 'overly broad' proposal The proposal is overly broad, specifically for decentralized finance and should be limited to centralized entities, said the Blockchain Association's senior counsel Marisa Copel on Monda
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