Bankless The US Government is Trying to Kill Crypto | Miller Whitehouse-Levine and Jason Schwartz
Oct 24, 2023
Miller Whitehouse-Levine, who drives the DeFi Education Fund's mission, and Jason Schwartz, a tax expert at Fried Frank specializing in digital assets, shed light on alarming IRS tax proposals that threaten the future of cryptocurrency in the U.S. They discuss the broadening definition of 'broker' and its implications for the DeFi sector. The duo urges listeners to voice their concerns to influence regulatory changes and protect the decentralized finance space from impending restrictions. Immediate action is crucial as these rules could disrupt the entire crypto ecosystem.
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Comment on Proposed Rules
- US listeners should comment on the IRS's proposed crypto tax rules.
- Find the link to comment in the show notes.
Broader Threat to Crypto
- Proposed regulations threaten all permissionless crypto use cases for US citizens, not just DeFi.
- These rules would require KYC for even simple crypto transactions like buying coffee.
Misinterpretation of Intermediaries
- The IRS misinterprets entities involved in crypto transactions as intermediaries requiring 1099s.
- TradFi intermediaries provide necessary information for taxes, unlike the transparent blockchain.