Unchained
Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So - Ep. 571
Nov 17, 2023
Peter Van Valkenburgh, Director of Research at Coin Center and an expert in crypto regulation, dives into the implications of the IRS's proposed broker rule on crypto tax reporting. He argues this rule could undermine user privacy and the industry's vitality. Peter questions the constitutionality of the Bank Secrecy Act, spotlighting its potential to stifle creativity among developers. He also shares alternatives for fairer regulations, advocating Coin Center's efforts to realign the Act with crypto realities.
40:24
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Quick takeaways
- The IRS's proposed broker rule for tax reporting in crypto could harm the industry, user privacy, and security.
- The Bank Secrecy Act may be unconstitutional due to potential violations of separation of powers and the non-delegation doctrine.
Deep dives
Proposed Broker Rule and Tax Reporting Obligations
The podcast discusses the proposed broker rule by the IRS for tax reporting purposes. The rule aims to define who is considered a broker in the crypto industry and subject to third-party reporting obligations. The discussion highlights the need for clearer standards and guidance from the IRS to ensure compliance and ease of tax reporting for individuals using crypto platforms like Coinbase and Kraken.
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