The IRS Grapples with the Growing Expense of Crypto Tax Compliance

Unintended Consequences of New Crypto Regulations

David Kemmerer, CEO of a leading cryptocurrency exchange, is warning about the potential unintended consequences of proposed new regulations on brokers reporting crypto transactions. He believes that these regulations could end up benefiting expensive “tax experts” financially, while ordinary investors may not see any benefits.

Concerns About Financial Impact

Kemmerer’s concerns are rooted in the potential financial impact of the new regulations. He argues that the increased complexity of reporting crypto transactions could lead to a greater need for expensive tax experts, ultimately benefiting them financially. This could create a situation where ordinary investors bear the burden of compliance costs, without reaping any significant benefits.

“The proposed regulations could inadvertently create a system where only those who can afford expensive tax experts will be able to navigate the reporting requirements,” Kemmerer warns.

These concerns highlight the potential challenges that may arise from well-intentioned regulations in the crypto space. As the industry continues to evolve, it is crucial to consider the broader implications of regulatory measures.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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