Officials from the Internal Revenue Service and the U.S. Treasury were interested in how the industry might self-identify assets that have nothing to do with finance and whether stablecoins should be left out of the proposal. After an incredible 124,000 comments have come in on the IRS proposal, the window closes Monday, beginning the final months of the process that could end in the crypto industry's first major crypto regulations in the U.S.
While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday hearing may reveal some flexibility in the rule as it's still being written. The panel of federal officials, who weren't identified as they asked questions during the audio hearing, showed interest in potential burdens on decentralized platforms under their proposed rule, whether stablecoin transactions should be reported and how non-financial assets could be identified as suc