Indeed, this broad-based definition has seen several critics of the bill saying non-crypto brokerage entities such as miners and software developers could be brought under onerous tax obligations. According to Armstrong, the bill extends the definition of the term “broker” to anyone who facilitates a digital asset transfer. The Coinbase CEO, like many other opponents of the proposal, faulted the broad language of the bill’s wording. crypto space and could force digital innovation to move overseas.Īs previously reported by Cointelegraph, amendments to crypto taxation rules were a last-minute addition to the $1-trillion infrastructure deal currently before the United States Senate. Tweeting on Wednesday, Armstrong stated that the provisions included in the crypto taxation proposal could have a “profound negative impact” on the U.S. The crypto exchange boss is the latest to decry plans to enact sweeping changes to cryptocurrency tax reporting in the United States.Ĭoinbase CEO Brian Armstrong is the latest crypto figure to come out against the wording of the proposed changes to cryptocurrency taxation in the United States.
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