The new Chairman of the House Financial Services Committee, Rep. Maxine Waters (D-CA), is calling for a delay in the implementation of new cryptocurrency taxation regulations. The proposed regulations, which would require all investors to report cryptocurrency transactions over $10,000 to the Internal Revenue Service (IRS), are scheduled to take effect on January 1, 2021. Waters believes that the regulations should be delayed until the IRS can provide more clarity and guidance to taxpayers on how to comply with the new requirements. She is also urging the IRS to provide more resources to help taxpayers understand the new rules, including a comprehensive guide to cryptocurrency taxation. Waters’ call to delay the new regulations is being welcomed by the crypto industry, which is concerned that the lack of clarity and guidance could lead to confusion and penalties for investors.
Source: Cointelegraph