US Department of the Treasury with IRS introduced new rules on the taxation of cryptocurrencies. Congressman Patrick McHenry urged departments to be clearer in their regulations.
“Administration [президента США Джо] Biden should end her efforts to destroy the US digital asset ecosystem and work with Congress to ensure clear regulations for the industry,” the politician said.
In his opinion, any regulatory requirement should be “narrow, individual and clear.”
The new rules require cryptocurrency exchanges to report customer transactions to the IRS, much like stock market brokers do. The regulations also apply to DEXs that do not collect personal data from users.
“This is part of a broader effort by the Treasury to address the tax gap, the tax avoidance risks associated with digital assets, and to ensure a common set of rules,” the regulators said in a statement.
Feedback on the document is accepted until October 30. Public hearings are scheduled for November 7-8.
Crypto brokers will be required to report from 2026. Regulators expect the new regulations to bring in $28 billion over 10 years.
Ryan Selkis, founder and CEO of the analytics company Messari, said that the crypto industry has no future in the United States if Biden is re-elected for a second presidential term.
“I’m sorry. Move overseas, push [на пост президента губернатора Калифорнии Гэвина] Newsom and hope for the best or vote for the Republican Party, where we know at least the top three candidates are less terrible on this issue. The crypto industry has always been political,” he wrote.
Delphi Labs General Counsel Gabriel Shapiro said the new proposals could be “a devastating blow to the use of P2P protocols in the US.”
In March, the WSJ reported on Biden’s plans to collect $24 billion in taxes from the digital asset industry. In May, the US president drew attention to “tax loopholes for wealthy crypto investors.”
Earlier, the Ministry of Finance advocated the introduction of an excise tax for mining companies in the amount of 30% of the cost of electricity consumed by equipment. The tax is planned to be introduced in stages over the next three years.
Recall that in August, the Coin Center, an organization for the promotion and protection of the interests of the crypto industry, called on lawmakers to consider not applying the IRS requirements for third-party reporting on digital assets and to revise the definition of a broker to exclude miners and node operators from the category.
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