Coinbase, the largest cryptocurrency exchange in the US, has expressed concerns over a new tax proposal by the Internal Revenue Service (IRS). In a letter to the agency, Coinbase argues that the proposed rules would infringe on Americans’ financial privacy and impose burdensome reporting requirements. The exchange requests that compliance requirements be limited to parties directly involved in digital asset transactions. The IRS has been commenting on the crypto industry’s “tax gap,” prompting Democratic senators, including Elizabeth Warren, to urge the agency to swiftly enact the rules. The Treasury Department previously proposed reporting obligations for various crypto entities. The IRS has until October 30th to evaluate comments before making a final decision.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Elizabeth Warren, Lawrence Zlatkin, Brian Armstrong
Companies	Treasury Department, IRS, Crypto News Flash, Coinbase Global Inc.
Currencies	None
Securities	None