The U.S. Internal Revenue Service draft: Digital assets will inject $28 billion in tax revenue into the treasury🤨
The US IRS has released a draft proposal (Form 1099-DA) which requires digital asset brokers to comply with the same information reporting rules consistent with other financial instruments, which is expected to net $28bln in tax revenues to the US over the next decade. Expect to see more crypto development interests move out East in the wake of these proposals, as the Biden Administration has made itself very clear on where it stands on how digital assets will be treated on US shores.