I need a tldr for those nanny state bitches as I can't stomach listening to their retarded statements.
Do they think they are going to tax mining pools and Lightning?
I think THEY need to be removed.
Tax Shitcoin Staking and leave POW alone bitches.
TLDR; I don't think that they separate POW and POS.
Industry 'wants' taxation at mined coin sale (similar to how crops, livestock, mined gold) are taxed. Currently, it is taxed as a payment for a putative service.
Industry argues that it is not a service, but rather a "creation" of the new property.
Taxing not at sale, but at receipt definitely creates headaches...especially if you did not immediately sell and the price crashed afterwards.
Industry says: give us this and you could have a wash sale rule introduced (which is currently not applied).
industry also wants a de minimis exception (floated $300) for a tx...so you can buy coffee and not worry about calculating tax.
The pushback from the IRS lady was that you would still have to write down your de minimis txs somewhere even though they will not be taxable...fat chance for that, in reality.
One guy (Coinbase) emotionally asked for a meaningful amount of disclosure saying that endless disclosures of stable coin transactions with ZERO cap gains is not good for anybody...just fluff. He even said that IRS would not be able to "consume' the gigantic amount of txs they (Coinbase) are going to send them...maybe, maybe not, if Musk installed the Grok feeds there, lol.