The cryptocurrency realm is mounting a resilient resistance against impending regulatory proposals seeking to broaden the scope of entities obliged to disclose specific digital currency transactions.
In August, the draft of the proposed guidelines was posted by the US Treasury Department, with the aim of mitigating challenges associated with the reporting and taxation of cryptocurrency transactions.
Critics now argue that such measures pose a formidable obstacle to the broader crypto market and decentralized finance, raising constitutional apprehensions in the process.
Advocates contend that DeFi platforms operate on the principles of autonomy, allowing users to transact without traditional intermediaries.
The Blockchain Association: No To Tax Proposals
The Blockchain Association, an advocacy group for cryptocurrencies based in the United States, has sent in a comment letter mostly opposing the tax laws that the Internal Revenue Service (IRS) recommended.
Today we filed a comment in response to Treasury’s proposed broker rule.
The proposed regulations reflect fundamental misunderstandings about the nature of digital assets and decentralized technology, more broadly.@MTCoppel breaks down our comment 👇https://t.co/zgNhwWREf3 https://t.co/ul7JTvCt5q pic.twitter.com/UfkR4bKaJn
