The Internal Revenue Service's audio-only hearing today will draw views from the crypto industry on what threats the digital assets advocates see embedded in the proposed new tax approach being contemplated for cryptocurrencies.
The concerns include user privacy, the scope of crypto entities that would have to report transaction information, the inclusion of stablecoins and whether the proposal implies anything about whether digital assets should be counted as securities.
Other complaints with the proposal focused on its inclusion of stablecoins as reportable assets and its relationship with defining securities.
To avoid this rule reinforcing the argument that digital assets are securities, Nicolas Morgan, president of the Investor Choice Advocates Network, asked the Treasury Department to make it clear that these rules wont apply to the security law. Rest assured our funds are safe......for now.