Blockchain Association CEO Kristin Smith Responds to New Proposed Crypto Tax Rules
August 25, 2023
The federal government and the IRS announced new proposed tax reporting rules for cryptocurrency sales and exchanges today.
From Reuters: “Cryptocurrency brokers, including exchanges and payment processors, would have to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposed U.S. Treasury Department rule published on Friday. The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes.”
“The Treasury proposed that the rules would be effective for brokers in 2025 for the 2026 tax filing season…The Treasury Department and the IRS are accepting feedback on the proposal until Oct. 30. They will also hold public hearings on the proposal on Nov. 7-8.” (Read the full article here.)
Following today’s announcement, Kristin Smith, CEO of the Blockchain Association, released the following statement:
Kristin Smith, CEO Blockchain Association
“It’s critical to ensure that participants transacting with digital assets pay their taxes. If done correctly, these rules could help provide everyday crypto users with the necessary information to accurately comply with tax laws. However, it’s important to remember that the crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance.”
“Blockchain Association and its members are eager to provide comments and feedback on these rules to ensure that the final product is workable and encourages innovation here in the United States.”
From the Blockchain Association: “Blockchain Association is the collective voice of the crypto industry. Our nearly 100 members include the sector’s leading investors, companies, and projects, working together to support a future-forward, pro-innovation national policy and regulatory framework for the crypto economy.”
Read Kristin Smith’s statement on the Blockchain Association website here.
