The U.S. Senate voted to repeal a controversial tax rule targeting decentralized finance (DeFi) platforms with a final vote of 70-28. The rule, introduced under the Biden administration, required DeFi platforms to report crypto transactions to the IRS. This mirrored the obligations of traditional financial institutions. This decision marks an
Members of the House of Representatives voted with a clear majority to reverse IRS regulations that define crypto entities together with DeFi platforms as brokers. The latest IRS rule required all crypto entities to gather tax information from their users before the Biden administration left office. The Congress gained a
Elon Musk, the well-known tech entrepreneur and owner of X, recently stirred up the cryptocurrency world with a humorous post addressing the U.S. Internal Revenue Service (IRS) about taxing crypto. Musk’s post, which highlighted the absurdity of crypto taxation, also quickly gained traction and reactions from the crypto community, generating
The New DeFi Regulations from the IRS On December 27, 2024, the IRS released a final rule that may change the course of decentralized finance (DeFi) forever. The rule classified DeFi front-end platforms as brokers, similar to those in decentralized exchanges (DEXs). This means that Uniswap, among other similar exchanges.
IRS Targets DeFi Platforms with New Reporting Rules The U.S. Internal Revenue Service has recently released a new tax regulation that is going to affect decentralized finance platforms from 2027. The regulations require DeFi brokers to report all the gross proceeds from the sale of digital assets and collect user
Starting in 2026, taxpayers will be able to report digital asset transactions using an updated draft form provided by the United States Internal Revenue Service (IRS). The Internal Revenue Service (IRS) published a revised Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” on August 8th. The form would enable US
On June 28, the US Internal Revenue Service (IRS) updated the industry’s understanding of who will be impacted by new reporting requirements for crypto brokers and released the final version of those rules. Moreover, decentralized exchanges and self-custody wallets are exempt from the new reporting requirements set forth by the
A proposed new tax form, Form 1099-DA “Digital Asset Proceeds from Broker Transactions,” for reporting digital asset transaction profits has been made public by the United States Internal Revenue Service (IRS), the nation’s tax agency. The form is anticipated to be implemented in 2025 with reporting scheduled for 2026. Feedback
U.S. Treasury and IRS officials have stated that they would postpone implementing new reporting rules for digital asset transactions, providing some short-term respite to companies involved in the cryptocurrency industry. The agencies are now working on adopting rules in response to changes brought by the Infrastructure Investment and Jobs Act,
Earlier today, the United States Internal Revenue Service (IRS) filed 45 claims accounts worth 44 billion dollars against FTX, the collapsed cryptocurrency exchange platform. Along with this, it associates with the related firms as well. More About IRS Claims The claim reports include the partner companies of FTX such as
