Brian Armstrong, CEO of Coinbase, had a lot of criticism for a proposed crypto tax provision and shared his thoughts Friday on social media.
A proposed crypto tax rule woven into the infrastructure bill has been getting a lot of flack on social media from Coinbase’s CEO. Brain Armstrong, in a series of tweets, made it clear where he stands in reference to the proposed rule. The bill in question proposes that cryptocurrency brokers and investors report all crypto transactions to the IRS. The rule was a last-minute addition to the $1 trillion infrastructure deal working its way through eh Senate.
“This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore,” Armstrong said about the bill. He adds the tax provision was hastily put together and “makes no sense.”