IRS - US Lawmakers Challenge Treasury's Crypto Tax Regime Expansive 'Broker' Definition | Benzinga
A group of nine bipartisan U.S. lawmakers has appealed to the Treasury Department to reconsider its proposed digital assets taxation regime, expressing concerns that the current proposals, if implemented, could stifle innovation and adversely impact the digital asset ecosystem.
The central issue revolves around the Treasury's approach to defining 'brokers' and 'digital assets' for tax reporting purposes under the proposed rules issued on Aug. 25.
The lawmakers argue that the definitions are overly broad and could encompass a wide range of entities within the digital asset ecosystem, including decentralized finance (DeFi) exchanges.
The lawmakers' letter to Assistant Secretary Lily ...