Consensys voices concerns over IRS proposed rulemaking for crypto
Blockchain company Consensys has urged careful consideration from the IRS regarding proposed crypto regulations, citing concerns over complexity and potential industry overhaul. In a blog post on Dec. 21, Consensys, a blockchain software developer behind MetaMask and Infura, raised concerns over proposed IRS regulations for digital-asset brokers and emphasizing the need for precision and care in structuring reporting requirements. In response to the proposed rulemaking, the blockchain company emphasized that the final regulations should “reflect the complexities of how digital-asset platforms work” as well as “ensure the continued development of the digital-asset industry.” Consensys pointed out that the proposed regulations — if finalized as is — would impose a “new and complex regulatory scheme on software developers and others in a fast-growing industry with unique technical and operational Features .” “Software developers, from larger...