Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Coinbase , the biggest U.S. crypto exchange, is arguing that a recent proposal from the U.S. Internal Revenue Service will endanger the industry and Americans’ privacy.
“These rules would establish an incomprehensible and unduly burdensome set of new reporting requirements that will degrade and displace the same taxpayer services the IRS is seeking to improve,” according to the letter from Lawrence Zlatkin, the vice president of tax for Coinbase Global Inc. In August, the Treasury Department published its nearly 300-page proposed rule, meant to finally comply with the 2021 Infrastructure Investment and Jobs Act. It sets out reporting obligations for centralized crypto exchanges, payment processors, some hosted wallet providers, some decentralized exchanges and people or entities that redeem crypto tokens.
But Coinbase asked the IRS to re-write the proposal “to limit compliance requirements to those parties that directly effectuate transactions in digital assets similar to those in traditional finance.”
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