The Internal Revenue Service (IRS) held a public hearing following backlash from the crypto industry regarding their proposed regulations on reporting digital asset brokers. The proposed regulations have received significant criticism, with over 125,000 comments on the document. Supporters argue that the regulations would improve accounting and taxation of cryptocurrencies, while critics believe they would negatively impact the sector and infringe on privacy. The definition of "broker" in the regulations has been particularly criticized for being too vague. Some argue that the regulations go against the principles of decentralized finance (DeFi) technology. Witnesses at the hearing expressed concerns about the burden on the digital asset sector and the potential threat to the future of crypto and DeFi. The IRS is expected to introduce the 1099-DA form next year, marking increased regulatory oversight of the crypto community. The impact of the comments on the regulatory proposal remains uncertain.
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