Yahoo Sports with all of your fintech news

https://sports.yahoo.com/coinbase-ceo-says-crypto-tax-194000466.html?src=rss

Brian Armstrong, co-founder, and CEO of crypto exchange Coinbase Global Inc (NASDAQ:COIN), joined a list of crypto executives opposing the newly proposed infrastructure bill’s broad definition of crypto brokers.

Calling it a “hastily conceived” provision related to digital assets, Armstrong asserted that the bill could have a profound negative impact on crypto and unintentionally push more innovation overseas.

“Coinbase is happy to help customers fulfill tax obligations just like the rest of the financial services industry. We've been doing this for years, and issuing more 1099s is a great idea,” he said in a thread on Twitter.

“But the bill defines “brokers” to include anyone who “effectuates transfers of digital assets.” This means almost anyone in the crypto ecosystem (miners, validators, smart contracts, open source developers etc) could be treated as a “broker” with massive reporting obligations.”

According to the Coinbase CEO, this makes no sense. Still, in his view, a more concerning feature of the bill is the imposition of unprecedented reporting requirements.

<more>