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The Treasury Department and the IRS have issued preliminary guidance regarding the tax treatment of nonfungible tokens (NFTs) as collectibles under the tax law.
With so many regulators out here, it can be tough to keep track of all the decisions being made. This is the NYSSCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.
The recent bad news affecting digital assets has prompted the industry to try to rebrand itself, The New York Times reported.