The Crypto Army Rises Up To Combat The IRS—Make YOUR Voice Heard

November 13, 2023 10:36 am Comments

The crypto community has risen up to combat new tax proposals and privacy violations from the IRS.

On Monday the IRS is holding a public hearing to discuss crypto-reporting proposals that would effectively monitor every single transaction done on certain platforms; moreover, many of these entities are decentralized and cannot even provide the information the IRS seeks.

Over 120,000 comments have been sent to the IRS and petitions are making their way around the web to push back against the IRS’ clear overreach and abuse of power when it comes to digital assets.

Advocates for crypto and digital assets will testify as part of Monday’s hearing, though it remains to be seen if the IRS takes their objections into account. CoinDesk reports:

The new taxation system – which won’t become final until IRS officials weigh the input, rewrite a final version, and approve it – has drawn industry ire that’s partially focused on how the proposal would define a “broker” that needs to comply.

“The digital asset middleman category stretches the statutory language beyond its breaking point in direct contravention of the relevant legislative history,” the DeFi Education Fund argued in a comment letter.

You can make your voice heard by following the link in the post below:

According to Coin Telegraph:

With the IRS collecting vast amounts of new information on Americans’ cryptocurrency use, it’s possible that the DOJ may “suddenly” find vast new arenas for cryptocurrency confiscation.

And again, it’s important to stress that these confiscations don’t have to start with an actual crime being committed—just the mere suspicion.

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