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crypto tax reporting ruleCoinGape
•Business
Business & Economics
66% Informative
Pro-XRP lawyer John Deaton has criticized a newly finalized crypto tax reporting rule issued by the Biden administration.
The rule, titled “ Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales ,” was recently introduced by the IRS .
Deaton claims the regulation is detrimental to decentralized finance (DeFi) and stifling innovation.
The finalized regulations are set to take effect on January 1, 2027 .
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