The Treasury is COMING For Crypto!! End of DeFi in the US?!
🚨 New Video Alert!! 🚨
Do you remember the infamous Infrastructure Bill that was passed in 2021?
To refresh your memory, it contained a problematic provision that expanded the definition of broker in such a way that it could apply to miners, validators, and dApps.
Well, the Treasury department (which was behind the provision) recently released its proposal for its finalised crypto tax rules. Lo and behold, it states that DeFi protocols and even crypto wallets could have to collect KYC for tax purposes in the US.
The good news is that the Treasury is taking comments on the proposed rules until the fall. The bad news is that its blatantly anti-crypto stance suggests it’s not looking for comments from the crypto industry. This could be very bad, and not just for the US.
Watch to find out why.
⛓️ 🔗 Useful Links 🔗 ⛓️
► Treasury and IRS Propose New Crypto Tax Rules: https://cointelegraph.com/news/irs-releases-draft-proposed-reporting-rules-digital-asset-brokers
► Spreek Tax Rule Thread: https://twitter.com/spreekaway/status/1695060016057729485?s=20
► Alexander Grieve Tax Rule Thread: https://twitter.com/AlexanderGrieve/status/1696258411132829897?s=20
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.