{"id":47526,"date":"2023-11-14T18:04:00","date_gmt":"2023-11-14T18:04:00","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/blockchain-association-pushes-back-against-irs-regulations-on-crypto-brokers\/"},"modified":"2023-11-14T18:04:01","modified_gmt":"2023-11-14T18:04:01","slug":"blockchain-association-pushes-back-against-irs-regulations-on-crypto-brokers","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=47526","title":{"rendered":"Blockchain Association Pushes Back Against IRS Regulations on Crypto Brokers"},"content":{"rendered":"<div>\n<figure id=\"attachment_131147\" aria-describedby=\"caption-attachment-131147\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-131147\" class=\"wp-caption-text\">Source: Adobe \/ photoschmidt<\/figcaption><\/figure>\n<p>The Blockchain Association, a prominent crypto advocacy and lobbying group based in the US, has strongly opposed proposed Internal Revenue Service (IRS) regulations targeting crypto brokers.<\/p>\n<p>In a comment letter submitted on November 13, the association argued that the rules, introduced by the IRS in August, overstepped the government\u2019s authority and demonstrated a \u201cfundamental misunderstanding\u201d of digital assets and decentralized technology.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today we filed a comment in response to Treasury&#8217;s proposed broker rule. <\/p>\n<p>The proposed regulations reflect fundamental misunderstandings about the nature of digital assets and decentralized technology, more broadly.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/MTCoppel?ref_src=twsrc%5Etfw\">@MTCoppel<\/a> breaks down our comment \ud83d\udc47https:\/\/t.co\/zgNhwWREf3 https:\/\/t.co\/ul7JTvCt5q <a rel=\"nofollow\" href=\"https:\/\/t.co\/UfkR4bKaJn\">pic.twitter.com\/UfkR4bKaJn<\/a><\/p>\n<p>\u2014 Blockchain Association (@BlockchainAssn) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BlockchainAssn\/status\/1724123220788338707?ref_src=twsrc%5Etfw\">November 13, 2023<\/a><\/p>\n<\/blockquote>\n<p>The proposed regulations, released by the U.S. Treasury Department, aimed to streamline the reporting and taxation of cryptocurrency transactions, addressing some of the challenges that exist today with crypto reporting.<\/p>\n<p>However, the Blockchain Association made it clear in its letter that these rules would be particularly burdensome for participants in decentralized finance (DeFi), alleging that many in this space would be \u201cfundamentally unable to comply.\u201d<\/p>\n<p>Unlike on centralized exchanges (CEXs), traders on decentralized exchanges (DEXs) and other DeFi protocols operate in a pseudonymous manner that makes it impossible for the developers behind the protocol to know who the users are.<\/p>\n<h2>Need to reconsider implications<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In a statement shared on social media platform X, Kristin Smith, CEO of the Blockchain Association, emphasized the need for the Treasury Department to reconsider the implications of the expanded broker definition.<\/p>\n<p>Smith argued that the proposed regulations could not only be \u201cdamaging and impractical\u201d for developers of decentralized technology based in the US, but could also infringe on individuals\u2019 privacy rights, potentially violating constitutional principles of privacy and freedom of expression.<\/p>\n<p>\u201cNeedless to say, we cannot afford to push this entire, burgeoning technology to other jurisdictions. Doing so because of a misguided federal tax reporting requirement would be an unnecessary, ineffective, and self-inflicted blow,\u201d she said.<\/p>\n<p>If implemented, the current draft of the proposed law suggests that the rules on reporting crypto transactions could take effect in 2026 for transactions made in 2025.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/blockchain-association-pushes-back-against-irs-regulations-on-crypto-brokers.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ photoschmidt The Blockchain Association, a prominent crypto advocacy and lobbying group based in the US, has strongly opposed proposed Internal Revenue Service (IRS) regulations targeting crypto brokers. In a comment letter submitted on November 13, the association argued that the rules, introduced by the IRS in August, overstepped the government\u2019s authority and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-47526","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Association Pushes Back Against IRS Regulations on Crypto Brokers | Prosfunds<\/title>\n<meta name=\"description\" content=\"Source: Adobe \/ photoschmidt The Blockchain Association, a prominent crypto advocacy and lobbying group based in the US, has strongly opposed proposed\" \/>\n<meta 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