On Wednesday, Coinbase Global Inc (NASDAQ:COIN) Paul Grewal voiced his opposition to the Treasury’s proposed regulations for tax reporting of digital assets, emphasizing the potential harm to innovation and fairness in the industry.
What Happened: Grewal argued that the proposed regulations could undermine fairness and innovation in the digital asset industry. He urged those who care about these values to join the opposition against the rulemaking. Grewal expressed concerns that the regulations go beyond establishing tax reporting rules comparable to traditional finance, potentially putting digital assets at a disadvantage.
Everyone who cares about fairness and supports American innovation should chime in on Treasury's proposed regulations for tax reporting of digital assets. You can join @StandwithCrypto's opposition to the rulemaking here. 1/4 https://t.co/4eALt1Frxo — paulgrewal.eth (@iampaulgrewal) October 18, 2023
The rules would also set a dangerous precedent for surveillance of the everyday financial activities of consumers by requiring nearly every digital asset transaction – even the purchase of a cup of coffee – to be ...