It was pointed out that passing the CLARITY Act alone is not enough to increase regulatory clarity for US cryptocurrencies, and tax reform is needed. Robin Singh, CEO of cryptocurrency tax calculation platform Koinly, stated in a CoinDesk op-ed, "While the CLARITY Act is considered a turning point for the cryptocurrency industry, the current tax system remains complex and inefficient. Some systems fail to accurately reflect investors' actual tax situations due to omissions such as acquisition cost and holding period. DeFi or non-custodial wallet activities are also not reflected, placing the burden on users to manually reconstruct their transaction history."
