This op-ed is part of CoinDesk’s Tax Week, presented by TaxBit. Bill Hughes is senior counsel and director of global regulatory matters at Consensys.
The Internal Revenue Service (IRS) may overplay their hand and, as a result, cripple the blockchain software industry in the U.S. It should change course.
The digital asset broker reporting law passed in 2021 is straightforward and sensible. There are plenty of intermediaries in the crypto ecosystem that execute transactions on behalf of millions of American digital asset investors. Just like it does in the traditional finance (“TradFi”) context, it makes a lot of sense for such businesses to inform not only their customers