The US Internal Revenue Service has published proposed rules governing brokers’ sales and exchanges of digital assets.
The Internal Revenue Service (IRS), which is accountable for tax collection in the United States, has proposed regulations regarding the sale and exchange of digital assets by brokers. Brokers would have to use a new form for easier tax filings and reduce tax evasion. The laws align digital asset reporting with other asset reporting, according to the U.S. Treasury.
The proposed standards would reflect 2025 sales and exchanges in 2026. The proposal is open for written comments until Oct. 30, with at least one public hearing afterwards. Several famous crypto observers have questioned the new crypto tax reporting laws. Blockchain Association CEO Kristin Smith contrasted crypto and traditional finance.
DeFi Education Fund CEO Miller Whitehouse-Levine termed the guidelines “confusing, self-refuting, and misguided.” Messari CEO Ryan Selkis said President Joe Biden’s reelection will kill the crypto business. House Financial Services Committee chairman Patrick McHenry called the idea “another front in the Biden Administration’s ongoing attack on the digital asset ecosystem.”