The Clarity Act won’t lead to adoption without crypto tax reform
CoinDesk
The Clarity Act provides necessary regulatory structure, but widespread crypto adoption remains hindered by overly complex and burdensome U.S. tax reporting requirements.Summary
While the Clarity Act offers a promising regulatory framework for the U.S. crypto industry, it fails to address the underlying tax reporting issues that impede mass adoption. Current requirements, such as Form 1099-DA, impose significant compliance burdens on retail investors and exchanges by demanding precise historical data that is often impossible to reconstruct in a decentralized ecosystem. Unless U.S. tax policy evolves to acknowledge the realities of cross-platform asset movement rather than treating crypto like traditional securities, the industry risks stagnation as retail users opt out due to excessive friction.
(Source：CoinDesk)