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The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable.\xa0\nLawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry\u2019s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.\xa0\xa0\nListen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nShow highlights:\n\nWhat the newly proposed IRS regulations around crypto are and when they are likely to go into effect\n\nwhat entities qualify as a broker and why this may pose a problem\n\nwhat the implications for the industry are if these regulations were passed\n\nthe number of additional reports the IRS is expecting to receive if these regulations are adopted\n\nhow the regulations would apply to stablecoins and NFTs\n\nwhat the five types of brokers are under the proposed regulations and the three types that they exclude, according to Shehan\n\nthe unprecedented amount of comments submitted\n\nwhat suggestions Coinbase and CoinTracker have in mind for better tax regulation\n\nwhy Lawrence thinks that DeFi exchanges should be treated the same as centralized ones\n\nwhether people should have privacy concerns about the new proposals\n\nwhat some blockchain-based solutions for tax reporting are, such as attestation tokens\n\nwhat the next steps for the IRS proposed regulation are\n\nhow long it will take to actually implement these regulations\n\n\nThank you to our sponsors!\n\nLayerZero\n\nPopcorn Network\n\n\nGuests:\n\n\nShehan Chandrasekera, Head of Tax Strategy at CoinTracker\n\n\nLawrence Zlatkin, VP of Tax at Coinbase\n\nLinks\nPrevious coverage of Unchained on crypto taxes, with appearances from Shehan and Lawrence:\n\nEverything You Need to Know About Filing Your 2022 Crypto Taxes\n\nYour 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More\n\nEverything You Need to Know About Your 2020 Crypto Taxes\xa0\n\nWhy You Shouldn\u2019t Trust Crypto Exchange Reports for Your Taxes\n\nThe IRS Is Cracking Down on Crypto Taxes: What You Need to Know\xa0\n\nCould the Bank Secrecy Act Harm Crypto? Coin Center Thinks So\n\nInfrastructure Investment and Jobs Act (117th Congress)\n\nProposed rule:\n\nIRS proposed rule text: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions\n\n\nU.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers\n\nCoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule\n\n\n\nTwitter thread from Ji Kim of Crypto Council for Innovation\xa0\n\nCNBC: President Joe Biden to sign the bipartisan infrastructure bill\u2060 into law\u2014here's how crypto investors will be impacted\n\n\nIRS issues guidance, seeks comments on nonfungible tokens\n\nCoinbase first comment letter\n\nCoinbase second comment letter\n\nCoinTracker comment letter\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices