In an effort to stop cryptocurrency users from evading taxes, the U.S. government is proposing that brokers comply with new rules for selling and trading digital assets, using a new form to simplify the tax filing process.
Many in the crypto community believe that strict rules will keep the crypto industry further away from the United States.
Messari CEO Ryan Selkis believes that if Biden is re-elected as President of the United States, the encryption industry will not flourish in the United States.
Chris Perkins, president of CoinFund, said that other countries are already ahead of the United States, and these rules will inevitably lead to fewer innovative projects entering the US market.
He believes that instead of taking severe crackdowns, it is better to formulate simple and detailed rules to support innovation in the encryption industry.