The Giving Block co-founder: IRS new regulations or hinders cryptocurrency donations

According to Decrypt, according to previous news, the Internal Revenue Service (IRS) has made corresponding changes to common questions about crypto assets, requiring charitable organizations that are usually tax-exempt to report virtual currency donations worth more than $ 5,000. Alex Wilson, co-founder of crypto charity The Giving Block, said: "Ultimately, this new requirement will make people think twice about donating more than $ 5,000. I think the possible outcome is that those who might have donated more than $ 10,000 People will decide to donate $ 4,999 because it is easier and does not require the hire of a professional valuer for evaluation. The main motivation for donating cryptocurrencies to non-profit organizations is that this is not a taxable event. Of course, it is not the harm Those mysterious millionaires, but those who hire appraisers. "