The Internal Revenue Services (IRS) recently proposed new rules for brokers to follow when selling and trading digital assets, in an effort to catch crypto users avoiding taxes. This has been met with criticism from prominent crypto commentators, who believe that the stringent rules will push the crypto industry away from the United States.Messari CEO Ryan Selkis and CoinFund president Chris Perkins both hold the viewpoint that other countries have surged ahead of the U.S., and these rules will inevitably result in reduced innovation flowing into the country. Other users remain skeptical that neither the Democrats or the Republicans would adequately champion crypto interests in the U.S.The news follows Biden’s suggestion to impose taxes on crypto mining in order to decrease mining operations. Grayscale Investments CEO Michael Sonnenshein warned that the Securities and Exchange Commission (SEC) constantly resorting to enforcement action will drive crypto firms out of the country.Overall, the crypto industry in the U.S. has repeatedly voiced concerns about regulatory choices affecting innovation within the nation. The proposed rules have been met with criticism from prominent crypto commentators, who believe that the stringent rules will push the crypto industry away from the United States and reduce innovation flowing into the country.

Information	Details
Geography	North America
Countries	🇺🇸 🇨🇦
Sentiment	negative
Relevance Score	10
People	Ryan Selkis, Chris Perkins, Joe Biden, Michael Sonnenshein
Companies	Internal Revenue Services (IRS), Messari, CoinFund, Grayscale Investments, Securities and Exchange Commission (SEC)
Currencies	Bitcoin, Ethereum, USD, IRS, BTC
Securities	None