The US Government is Trying to Kill Crypto | Miller Whitehouse-Levine and Jason Schwartz

This podcast episode delves into the proposed IRS regulations that would have a significant impact on the cryptocurrency industry, with a particular focus on decentralized finance (DeFi). These regulations seek to redefine the term "broker" and expand reporting requirements to encompass all tokenized assets, ranging from cryptocurrencies to NFTs, tokenized stocks, and bonds. The episode highlights the wide-reaching implications of these regulations and the challenges they present to the crypto community. It also highlights the government's vague and all-encompassing definitions, underscoring the need for individuals to advocate for more informed regulations. The urgency of halting the implementation of these regulations is emphasized, and listeners are encouraged to make meaningful comments to influence the outcome. Furthermore, the episode briefly touches on the automation of tax calculations in crypto transactions and the role of interpretive authority in agency regulations. Overall, the podcast episode emphasizes the necessity of clarity and safeguards within the crypto industry and stresses the significance of individuals' involvement in shaping the future of DeFi in the United States. Main points • The proposed IRS regulations expand reporting requirements to include all tokenized assets, from cryptocurrencies to NFTs and tokenized stocks and bonds. • The regulations redefine the term "broker" to encompass a wide range of crypto participants, including websites, wallets, and liquidity providers. • The government's confusion and lack of understanding regarding peer-to-peer transactions and the digital environment are highlighted. • Prompt action and leaving comments are urged to influence the outcome of the regulations and protect DeFi in the US. • The automation of tax calculations in the crypto industry has become easier with tools that scrape and analyze data from the blockchain. • The role of interpretive authority and Chevron deference in agency regulations is discussed. • Legislative action is necessary to provide clarity and protection for miners, validators, and DeFi participants. • Delaying the implementation of the regulations would allow for legal challenges and revisions to fix existing flaws.