The crypto communities in the US have been actively criticizing the move to introduce new changes to the crypto tax framework. However, the White House has now formally agreed to a minor change in the contentious proposal. The new proposals require strict crypto tax reporting requirements for even developers and validators apart from the miners.
The White House has now agreed to approve the amendment “to clarify the measure to reduce tax evasion in the cryptocurrency market.”
Andrew Bates, the White House press secretary said that “The Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure that high-income taxpayers are contributing what they owe under the law.”
“We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue, however, we believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance,” he explained.
The larger crypto community in the US has been up against the decision. Amongst the prominent names criticizing the proposal are Coinbase CEO, Brian Armstrong.