• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Coinbase CEO: The proposed tax principles for cryptocurrencies make no sense

190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The cryptocurrency exchange boss is the most recent to denigrate strategies to employ sweeping improvements to the U.S. cryptocurrency tax declaration.

Coinbase CEO: The proposed tax rules for cryptocurrencies make no sense
Coinbase CEO: The proposed tax principles for cryptocurrencies make no sense

Coinbase CEO Brian Armstrong is the most recent crypto figure to consider a stand on proposed improvements to US cryptocurrency taxation.

Related articles

New CEO Richard Teng wants to turn Binance into "a normal financial company"

New CEO Richard Teng desires to flip Binance into “a normal financial company”

November 27, 2023
What is money laundering?  “Money laundering” tricks used by criminals in cryptocurrencies and how to prevent them

What is cash laundering? “Money laundering” tricks applied by criminals in cryptocurrencies and how to stop them

November 27, 2023

Armstrong explained in a tweet on Wednesday that the provisions incorporated in the cryptocurrency tax proposal could have a “profound negative impact” on the US crypto room and could force digital innovation. Digital will have to move abroad.

As previously reported, the improvements to the cryptocurrency tax principles are a final-minute addition to the latest $ one trillion pre-US Senate infrastructure deal.

Coinbase’s CEO, like a lot of other opponents of the proposal, produced a error in the broad language of the wording of the bill. According to Armstrong, the bill extends the definition of the phrase “broker” to any person who facilitates the transfer of digital assets.

Indeed, this broad-based mostly definition has noticed some critics of the bill argue that non-crypto brokers this kind of as miners and application developers could be topic to hefty charges.

“This does not make sense. For illustration, wise contracts are not firms and are not able to be modified to acquire KYC details or concern 1099s. They are merely application that runs on the blockchain that any person can use.

Coinbase CEO says policy makers have a accountability not to stifle innovation in the United States. In early August, Galaxy Digital CEO Mike Novogratz criticized politicians and regulators in the United States for “failing to do their homework” on cryptocurrencies in advance of laws and laws have been enacted.

Armstrong named on US cryptocurrency advocates to help amendments proposed by professional-crypto senators Ron Wyden, Patrick Toomey, and Cynthia Lummis, calling for a narrower definition of cryptocurrencies and cryptocurrency brokers.

Before proposing the amendment, Senator Toomey previously named for miners and application developers to be exempted from the cryptocurrency tax reporting demands set out in the bill.

Armstrong has also joined the “chorus” of cryptocurrency advocates urging Americans to get in touch with their elected representatives to market the aforementioned amendments.

Synthetic Currency 68

Maybe you are interested:

Maybe you are interested:

Tags: CEOCoinbasecryptocurrenciesProposedrulessensetax
Share76Tweet48

Related Posts

Pi Network Faces High Volatility Ahead of Token Unlock

by shark
June 23, 2025
0

Pi Network anticipates market volatility as it approaches a major token unlock, with significant implications for valuation and user engagement.

Bitcoin Dips to $102,400 Amid Altcoin Drop and Fed Decision

by shark
June 23, 2025
0

Bitcoin's price fell due to the Federal Reserve's interest rate decision, impacting the cryptocurrency market with increased volatility and investor...

Congressman Massie Proposes Federal Reserve Abolition Bill

by shark
June 22, 2025
0

Rep. Thomas Massie's Bill to Abolish Federal Reserve: Implications for U.S. Financial System and Cryptocurrencies

Exposed Crypto OTC Scam Defrauds $50 Million

by shark
June 22, 2025
0

Large-scale crypto OTC scam hits investors, defrauding over $50 million in assets.

U.S. Spot Bitcoin ETFs Record Ninth Day of Inflows

by shark
June 22, 2025
0

U.S. spot Bitcoin ETFs see significant inflows led by BlackRock, indicating strong institutional market confidence.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Pi Network Faces High Volatility Ahead of Token Unlock
  • Bitcoin Dips to $102,400 Amid Altcoin Drop and Fed Decision
  • Congressman Massie Proposes Federal Reserve Abolition Bill
  • Exposed Crypto OTC Scam Defrauds $50 Million
  • U.S. Spot Bitcoin ETFs Record Ninth Day of Inflows
  • Semler Scientific Targets 105,000 BTC Holding by 2027
  • Pump.fun Delays Token Auction Amid Legal Challenges
  • Coinbase Relocates EU Headquarters to Luxembourg Post-MiCA Approval
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7