One of the major flaws in the current digital asset environment is the requirement for separate reporting for every transaction, no matter how small or routine. This burdensome for taxpayers and administratively inefficient for the IRS has left many taxpayers, brokers, and the IRS spending dollars to track pennies. Mr. Lockton, I understand Coinbase is a stakeholder that struggles with these same issues. I think we've discussed this, you know, millions of tax records for very small amounts. (00:54–01:04)
CLAIM
Asserts that the current reporting requirements are burdensome and inefficient, costing more to track than the value of the transactions.
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