TechFlow reported on August 27 that to prevent tax evasion by cryptocurrency users, the U.S. government has proposed new rules requiring brokers to comply with reporting requirements for digital asset sales and transactions, introducing a new form to streamline the tax filing process. Many in the crypto community believe these stringent regulations will drive the crypto industry further away from the United States.
Ryan Selkis, CEO of Messari, believes the crypto industry will not thrive in the U.S. if Biden is re-elected president. Chris Perkins, President of CoinFund, said other countries have already taken the lead over the U.S., and these rules will inevitably result in fewer innovative projects entering the American market. He argues that instead of harsh crackdowns, simple and clear regulations should be established to support innovation in the crypto industry.
