Dueling Crypto Banjos: Two Very Different Reactions to Treasury’s Proposed Crypto Reporting Scheme

October 25, 2023

Treasury recently delivered a mother lode of proposed tax reporting rules to the crypto industry.  By and large, the crypto industry is booing loudly, complaining that the rules are overbroad and that there is not enough time to implement reporting systems—January 1, 2025 (reporting of gross proceeds of digital asset sales) and January 1, 2026 (reporting of tax basis and character for digital asset sales).  On the other hand, Senator Warren (and others) are cheering loudly, urging an even faster timeline for implementing crypto tax reporting.

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