IRS proposal have Miners and Stakers exempt from Broker requirements
Finally some news about an arm of the government acting reasonably when it comes to crypto. And yes, many out there probably do not agree with me there rather than seeing crypto completely free. Sadly That ship has long since sailed, if it ever existed at all. =(
The IRS proposal
Almost a week ago the IRS proposal was made public. The name of the proposal is "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions", and as far as I was able to decipher things, the focus is on what Brokers need to report and who or what a Broker is.
There in lies the good news, as I see it. The IRS has rather than painted with the brushes the sEC is using. Or more likely rollers or sprayers. They have taken the time to not just paint everything crypto the same way. Instead, looking at what it is that gets done by the different people. And actually propose to treat them based on that. this means that individuals who only engage in distributed ledger validation. This for the majority is miners and stakers. Should not be exempt from the requirements that Brokers have. And in my book that is great news. As it means that people still will be able to mine as they have, and not be worried about having to file extra papers here and there about this and that. Or face some hefty fine. All for you wanting to mine a little with your GPU or CPU to test things out.
Now I guess all that matters is for the proposal to be made official. That and hope the SEC has no input on it whatsoever. Because if they do everything might get turned into securities and we will have to litigate every single GPU, CPU, and ASIC individually. ^^
If you want to read the IRS proposal in its entirety, it is linked below.
What is your thought about the IRS proposal? Are you for or against it? Or do you perhaps have an alternative to share? Please share your thoughts in the comment section below.
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