Biden proposes new Crypto Tax Reporting Rules after Attempt at Taxing Bitcoin Miners Failed! 🪙📜

The U.S. Treasury wants crypto brokers, such as exchanges and payment processors, to report digital asset sales and buyers to the IRS. 😡

👉 A new tax form, Form 1099-DA, will be introduced to help with this.
👉 Make it easier for crypto users to calculate Taxes.
👉 Crypto brokers must report information just like stock or bond brokers do.
👉 Both centralized and decentralized trading platforms.
👉 Crypto payment processors.
👉 Some online wallets.
👉 Covers cryptocurrencies (e.g., Bitcoin, Ether) and non-fungible tokens (NFTs).
👉 Proposed to be in effect by 2025 for the tax filings in 2026.

Chapters:
00:00 - CNBC Crypto World, Aug 28, 2023
0:24 - Bitcoin holds above $26K
0:43 - The headlines
2:44 - Sam Callahan of Swan

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