Nov 13, 2023

The U.S. Internal Revenue Service (IRS) has a public hearing slated on Monday about proposed regulations for digital asset transactions.

Video transcript

One of the bigger questions is whether or not decentralized platforms have the capability of collecting and uh you know, storing and transmitting user KYC data. Um You know, a lot of the five platforms, uh decentralized exchanges, uh et cetera. Uh don't really, you know, not really designed with this idea of, oh, we gotta make sure we know who our users are uh in mind, right? So I think that's one concern a couple other concerns that we've seen, you know, throughout a lot of the comments range from privacy concerns about whether or not the platforms collecting this data are safe to uh you know, just general concerns about the volume of data and how that might impact the entities involved. So there, there are a couple of concerns and certainly d five platforms are going to get caught up in a lot of those concerns.

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