Consensys Chief Legal Officer: IRS removes a final broker reporting rule against us
2024-06-29 19:22:35
Bill Hughes, chief legal officer at Consensys, said that the IRS removed a final broker reporting rule to us. It did not finalize the rules regarding non-custodial wallets and related non-custodial software products. They said that these products are still under review and may be brokers, and they will determine their status at a later date. The scope of "digital assets" under this final rule is too broad and objectionable. Every NFT disposal is a reportable event. This is true for every stablecoin disposal. You cannot convert USDC to dollars on an exchange without filing a form with the IRS stating that your gain or loss is a fraction of a cent.
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