Congress Approves $4 Billion Giveaway To Crypto Industry
HuffPost
Lawmakers killed a crypto tax reporting rule with great bipartisan gusto.
WASHINGTON ― Congress on Wednesday killed a regulation requiring certain digital asset trading platforms to report customer transactions to the IRS.
The change will save the crypto industry an estimated $4 billion in taxes that will still be owed but won’t be paid.
The regulation, which was finalized in December and wouldn’t take effect until 2027, would have required decentralized crypto platforms like Uniswap to comply with the same tax reporting rules that apply to stockbrokers, banks and, as of this year, centralized crypto exchanges like Coinbase.
One company that could benefit from killing the regulation? President Donald Trump’s own decentralized finance platform, World Liberty Financial.
The crypto industry complained that since decentralized platforms don’t hold assets or information about their customers, the regulation was unwieldy.
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