Coinbase Warns Of 'Unchecked' Tracking In IRS' New Crypto Tax Proposal
Portfolio Pulse from Benzinga Neuro
Coinbase Global Inc. (NASDAQ:COIN) has expressed concerns over a new tax proposal by the U.S. Internal Revenue Service (IRS) that seeks to define crypto brokers and guide them on tax compliance. Coinbase views the proposal as a threat to the cryptocurrency industry and an infringement on the privacy of U.S. citizens. The company has requested the IRS to amend the proposal, limiting compliance requirements to parties directly involved in digital asset transactions.
October 13, 2023 | 12:42 pm
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Coinbase's opposition to the IRS's new tax proposal could potentially impact its operations and reputation.
The new tax proposal by the IRS could potentially increase regulatory scrutiny on Coinbase, which could impact its operations and reputation. The company's opposition to the proposal could also potentially lead to legal disputes, which could negatively impact its stock price.
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