The decentralized finance industry would be “awfully challenging” for American tax authorities to survey, Coinbase’s top tax lawyer has said.

A proposal from the Department of the Treasury and the Internal Service Revenue (IRS) to target crypto exchanges is ultimately impractical, Lawrence Zlatkin, who is Vice President of Tax at America’s biggest cryptocurrency exchange, told Decrypt. 

Talking about new rules proposed by the Biden Administration earlier this year, Zlatkin said that collecting information from DEX users would be difficult.

“It’d be awfully challenging to actually do that with them being peer to peer,” he added. “Let’s forget whether they shouldn’t be—how they would is an open question as well.”

Ultimately, he said decentralized exchanges (DEXs) shouldn’t be singled out when it comes to tracking gains and losses for traders and investors.

“I don’t think a decentralized, peer to peer private network should be treated differently,” he said.

Go to Source to See Full Article
Author: Mathew Di Salvo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details