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The Biden Administration proposed new rules for crypto taxation.
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Industry experts and the crypto community don’t seem to like it.
In an attempt to tackle the crypto taxation issue, the Biden administration proposed new rules but the industry is disappointed. On August 25, 2023, fresh guidelines for reporting crypto tax to the Internal Revenue Service (IRS) were released by slightly changing the 2014 rules. However, the industry does not like these changes.
𝗧𝗵𝗲 𝘁𝗮𝘅 𝗺𝗮𝗻 𝗶𝘀 𝗰𝗼𝗺𝗶𝗻𝗴 𝘁𝗼 𝗰𝗼𝗹𝗹𝗲𝗰𝘁.
The US Treasury Dep’t just dropped a proposed rule to track crypto sales & exchanges for tax purposes.
It’s part of a wider move by Congress to crack down on crypto tax payments.
Here’s what you should know
/1 pic.twitter.com/ySi48SF52Z
— Dylan K (@MightyDylanK) August 28, 2023
Industry is Unhappy with New Crypto Taxation Rules
The main objection lies with including decen
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