Congress will ultimately need to be the ones to offer regulatory clarity on crypto - Miles Fuller

September 06, 2023

“It's focused on the enterprise side; to work with exchanges or other crypto platforms to do that type of reporting,” Fuller said. As crypto gains in popularity, Fuller said TaxBit has the fortune of seeing issues from all sides as it works with government and industry. Concerns about the tax burden and compliance issues prompted Congress to step in and require information reporting, Fuller said. That’s property that you theoretically need to report on your taxes.”He said sometimes raises questions as to why tax reporting is needed. If it's not currency, it's property, and property has generic tax treatments applied to it, like capital gain.

The source of this news is from TaxBit