Clarity or confusion? Crypto tax proposal earns mixed reactions

The US Treasury Department recently released an extensive 300-page proposal detailing cryptocurrency tax reporting guidelines. The new rules could mark the beginning of a new era of clarity for investors and crypto businesses, who accountants say have struggled to decipher tax obligations for years. “Although tax information reporting requirements have played a key role in traditional finance — as a necessary element of tax compliance — such requirements have been missing from the digital asset ecosystem,” Miles Fuller, head of government solutions at TaxBit, said. In 2021, the Blockchain Association, a crypto lobbying group, sent a letter to US senators about the Infrastructure Investment and Jobs Act. Get the day’s top crypto news and insights delivered to your email every evening.