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Coinbase legal chief expresses concern over IRS crypto tax reporting rules' impact on industry

Coinbase legal chief expresses concern over IRS crypto tax reporting rules’ impact on industry

– The IRS proposed new crypto tax reporting rules in August, with the potential for implementation in January 2026.

– Coinbase’s chief legal officer, Paul Singh Grewal, called on the crypto community to oppose the proposed regulations, citing concerns about surveillance and the potential harm to the industry.

– The proposed regulations would require crypto brokers to use a new form to report transactions and simplify tax filing.

– The U.S. Treasury Department claims the new form would streamline the tax filing process and bring digital assets in line with traditional financial reporting.

– Grewal argues that the proposed rules would set a dangerous precedent for surveillance and burden Web3 startups with costly requirements.

– Many U.S. lawmakers have urged the IRS to implement crypto tax reporting requirements before 2026.

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