AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Bankless
The US Government is Trying to Kill Crypto | Miller Whitehouse-Levine and Jason Schwartz
Oct 24, 2023
58:41
Snipd AI
Miller Whitehouse-Levine, representative of DeFi Education Fund, and tax lawyer Jason Schwartz discuss the potential catastrophic implications of proposed IRS regulations on the crypto industry in the US, specifically how it could harm decentralized finance and other crypto use cases. They also emphasize the importance of leaving comments to challenge these regulations and protect the crypto community.
Read more
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The proposed tax rules in the US could lead to the destruction of DeFi and other crypto use cases, but there is still an opportunity to change the interpretation through public comments.
- The proposed rules treat all tokenized assets as digital assets subject to reporting requirements, expanding the definition of a broker to include various participants in the crypto ecosystem.
Deep dives
The IRS is proposing tax rules that would harm DeFi and crypto in the US
The US government has proposed tax rules that could effectively kill DeFi and crypto use cases in the United States. The interpretation of the rules would require all individuals and businesses in the crypto industry to comply with additional regulations, including collecting and reporting personal information of users. This would have a detrimental impact on the industry and restrict access for US users. However, there is an opportunity to change the interpretation as it is still in the proposed stage. The IRS is currently accepting comments from the public, and it is crucial for the crypto community to voice their concerns and push for a more reasonable approach.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode