The United States Internal Revenue Service (IRS) has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30.The initial reaction to the proposal has been mixed. Kristin Smith, CEO of the Blockchain Association, an industry advocacy group, released a statement that said the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance. DeFi Education Fund CEO Miller Whitehouse-Levine said the proposal is confusing, self-refuting, and misguided.House of Representatives Financial Services Committee Chairman Patrick McHenry called the proposal “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem” and “misguided.” He added that the Keep Innovation in America bill, which he co-wrote with Rep. Ritchie Torres, is intended to “fix the poorly constructed digital asset reporting provisions” in the IIJA.Advocacy group Coin Center also weighed in on digital asset taxation a few days earlier in a letter to Sens. Ron Wyden and Mike Crapo. The letter contained suggestions specifically tailored to digital assets and raised privacy concerns.The United States Internal Revenue Service (IRS) has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30.The initial reaction to the proposal has been mixed. Kristin Smith, CEO of the Blockchain Association, an industry advocacy group, released a statement that said the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance. DeFi Education Fund CEO Miller Whitehouse-Levine said the proposal is confusing, self-refuting, and misguided.House of Representatives Financial Services Committee Chairman Patrick McHenry called the proposal “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem” and “misguided.” He added that the Keep Innovation in America bill, which he co-wrote with Rep. Ritchie Torres, is intended to “fix the poorly constructed digital asset reporting provisions” in the IIJA. Advocacy group Coin Center also weighed in on digital asset taxation a few days earlier in a letter to Sens. Ron Wyden and Mike Crapo. The letter contained suggestions specifically tailored to digital assets and raised privacy concerns.The United States Internal Revenue Service (IRS) has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30.The IRS has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30.Initial reactions to the proposal have been mixed. Kristin Smith, CEO of the Blockchain Association, an industry advocacy group, released a statement that said the rules must be tailored accordingly and not capture ecosystem participants that don’t have a pathway to compliance. DeFi Education Fund CEO Miller Whitehouse-Levine said the proposal is confusing, self-refuting, and misguided. House of Representatives Financial Services Committee Chairman Patrick McHenry called the proposal “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem” and “misguided.” He added that the Keep Innovation in America bill, which he co-wrote with Rep. Ritchie Torres, is intended to “fix the poorly constructed digital asset reporting provisions” in the IIJA. Advocacy group Coin Center also weighed in on digital asset taxation a few days earlier in a letter to Sens. Ron Wyden and Mike Crapo. The letter contained suggestions specifically tailored to digital assets and raised privacy concerns.The United States Internal Revenue Service (IRS) has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30.The IRS has proposed new regulations on the sale and exchange of digital assets by brokers. The proposed Form 1099-DA would simplify tax filing and help taxpayers determine if they owe taxes. The regulations are part of the Biden administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is expected to raise $28 billion in new tax revenue over ten years. The proposed rules would go into effect in 2026 and written comments on the proposal are being accepted through Oct. 30. Initial reactions to the proposal have been mixed, with some industry advocates calling the proposal “misguided” and “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem.” Advocacy group Coin Center also weighed in on digital asset taxation a few days earlier in a letter to Sens. Ron Wyden and Mike Crapo, raising privacy concerns.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 🇨🇦 🇲🇽 |
| Sentiment |
negative |
| Relevance Score |
9 |
| People |
Elizabeth Warren, Bernie Sanders, Kristin Smith, Miller Whitehouse-Levine, Patrick McHenry, Ritchie Torres |
| Companies |
Blockchain Association, DeFi Education Fund, House of Representatives Financial Services Committee, Coin Center |
| Currencies |
None |
| Securities |
None |
