Share this article
U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules
Chairman of the House Financial Services Committee, Patrick McHenry (R-NC) and Congressman Ritchie Torres (D-N.Y) led a group of nine lawmakers in the effort.
Nov 16, 2023, 6:56 a.m.
Make us preferred on Google
A group of bipartisan U.S. lawmakers have urged the Treasury to revise its proposed digital-assets taxation regime. The group is backing crypto representatives and lawyers who have called the proposed taxation scheme “dangerous and improper overreach.”
Chairman of the House Financial Services Committee, Patrick McHenry (R-NC) and Congressman Ritchie Torres (D-N.Y) led a group of nine lawmakers in the effort calling the tax reporting requirement “unworkable.”
STORY CONTINUES BELOW
“If finalized, the proposed regulation’s overly broad definition of a digital asset “Broker,” insufficient definition of a “Digital Asset,” and unreasonably short comment period threaten to prevent a large swath of the digital asset ecosystem from continuing to exist in the United States,” the Wednesday announcement said as it made public the Nov. 10 letter addressed to the U.S. Treasury Department’s Assistant Secretary Lily Batchelder.
The crypto tax rule was proposed in August, and a public comment period ended Monday after more than 124,000 comments. At a recent audio-only hearing, questions from officials to the industry revealed that the tax proposal may be “open for revision.” A final version is likely months away and could see a response to at least some of the industry’s condemnation.
The major sticking point is how the proposal captures hosted wallet providers, payment processors, some decentralized finance (DeFi) entities and others as “brokers” for tax reporting purposes. “The definition of ‘Broker’ remains too broad and would capture entities that do not possess traditional characteristics of a broker,” the letter said.
Read More: How the Crypto Industry Responded to the IRS Proposed Broker Rule
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Higit pang Para sa Iyo
Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
Ano ang dapat malaman:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
Top Stories
