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Biden's proposed crypto tax reporting rules spark response from crypto community

Biden’s proposed crypto tax reporting rules spark response from crypto community

The new crypto tax reporting rules proposed by President Joe Biden have received criticism from prominent crypto commentators. Many believe that these stringent rules will discourage crypto firms from doing business in the United States. Messari CEO Ryan Selkis expressed his concern, stating that there is no future for crypto in the US if Biden is reelected. Chris Perkins, president of CoinFund, believes that the US has fallen behind other countries in terms of crypto innovation and that simple and detailed rules are needed to encourage safe innovation in the industry. Some individuals remain skeptical that either political party would adequately champion crypto interests in the US. The CEO of the Blockchain Association, Kristin Smith, emphasized the need for tailored rules that consider the unique nature of the crypto ecosystem. The crypto industry has repeatedly voiced concerns about regulatory choices affecting innovation in the US, with some warning that excessive enforcement actions will drive crypto firms out of the country.

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