Coinbase letter to IRS: Serious concerns over the "nature and scope" of proposed tax regulations

TechFlow reported on October 13 that Coinbase sent a 14-page letter to the U.S. Internal Revenue Service (IRS) on Thursday, expressing serious concerns about the "nature and scope" of proposed tax regulations related to gross proceeds and underlying reporting for digital asset transactions, according to The Block. Coinbase stated that the requirements would create "a set of incomprehensible and overly burdensome new reporting obligations." It also argued that they are "overly broad, unwarranted, and unworkable."