Garrett L. Brodeur was quoted in a recent article in Tax Notes entitled “Crypto Reg Delay Ruffles Lawmakers,” published on June 15, 2023. The article discusses the Treasury’s recent delay in issuing proposed cryptocurrency regulations.
The article notes:
Treasury is taking more time than usual to issue proposed regulations for cryptocurrency, puzzling observers and troubling some members of Congress who are eager for the industry to comply with tax reporting requirements.
The proposed regs would provide guidance on the reporting obligations of brokers under section 6045 that affect the sale of virtual currency as well as the reporting obligations under section 6050W for third-party settlement organizations.
Garrett L. Brodeur of Kostelanetz LLP said the proposed broker reporting regulations under section 6045 are the first set of tax regulations dealing with digital assets, so there is tremendous pressure to get it right.
According to Brodeur, the delay is understandable because Treasury is grappling with numerous technical details and competing interests in a rapidly changing industry.
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