Part 4/7:
It has been noted that transparency among regulators, especially regarding their own financial holdings, can instill confidence in the system. Stakeholders have expressed that having regulators who are familiar with the industry and have real-world experience is crucial for making informed decisions that shape the future of crypto in the U.S.
The Push for Transparency
The call for transparency in regulations has resulted in significant dialogue surrounding the IRS broker-dealer rule, which has recently passed Senate approval. This legislation aims to eliminate the impractical requirement for decentralized exchanges to submit a 1099 form for every user, which many considered an outdated approach regarding how permissionless platforms operate.