Financial Services Chair Criticizes Biden's Crypto Tax Proposal as Adoption Killer in US

Chairman of the House Financial Services Committee, Patrick McHenry, accuses the Biden Administration of attempting to "kill" the digital asset industry in the U.S. with its proposed crypto tax regulations. The rules would require cryptocurrency exchanges to report customer information to the IRS, aiming to target tax dodgers. McHenry calls for clearer rules and collaboration with Congress. Critics argue that the regulations would harm decentralized finance (DeFi) and eliminate the benefits of decentralization. The proposed regulations are open for public comment until October 30.