new regulation on cryptocurrency taxes is coming

Cryptocurrency Tax Regulation News: United States (US) Treasury and IRS Released final regulations regarding tax reporting of sales and exchanges of digital assets.

These regulations are intended to make it easier for taxpayers to submit correct declarations and pay taxes due in accordance with applicable law.

The new regulations are an important step forward greater transparency and tax compliance in the world of cryptocurrencies and other digital assets. Let’s see all the details below.

Tax regulations for cryptocurrencies: clarity on taxes for US taxpayers

As anticipated, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today published final regulations regarding the Internal Revenue Service’s reporting requirements. IIJA for digital asset brokers.

This is part of the broader context of implementing the Infrastructure Investment and Job Creation Act (IIJA) by Biden-Harris administration.

These new regulations align reporting requirements for digital assets with those that have long existed for traditional financial services, without introducing new taxes on digital assets.

Their main goal is to make it easier for taxpayers to submit tax returns precise declarations and paying taxes in accordance with applicable legislation.

Under the new rules, brokers will be required to report gross proceeds from the sale of digital assets starting in 2026 for all transactions that took place in 2025.

In addition, from 2027, brokers will have to provide information on the tax base of individual digital assets in the case of sales that took place in 2026.

Aviva Aron-Dine, The Deputy Secretary for Tax Policy emphasized the importance of these changes, stating the following:

“Through the bipartisan Infrastructure Investment and Jobs Act, investors and the IRS will have better access to the documentation they need to accurately file tax returns. By implementing these reporting requirements, the final regulations will make it easier to pay taxes owed under current law while reducing tax avoidance among wealthier investors.”

Improving tax reporting and reducing tax avoidance

While owners of digital assets have always had to pay taxes on the sale and exchange of such assets, many compliant taxpayers have often had to rely on expensive third-party services to calculate their profits or losses.

The new final regulations aim to ensure that brokers provide investors with all information necessary for tax reporting in accurate, simpleand in the least intrusive way possible.

On the other hand, the IRS will be able to better manage tax avoidance risks associated with digital assets.

These regulations were developed after a public hearing and careful consideration of more than 44,000 comments received in response to the original proposals.

In summary, current regulations mainly focus on reporting requirements for depository brokers.

While the Treasury Department and the IRS plan to issue additional regulations by the end of the year that will also specify reporting requirements for non-fiduciary brokers, in accordance with legal requirements.

Keisha Lance Bottoms: Cryptocurrency is a political and irrelevant issue

Keisha Lance Pantswho will soon assume a role as a senior advisor to Joe Biden’s election campaign, recently told media that cryptocurrencies are a non-partisan and unifying issue.

On June 27, Bottoms spoke with Hill emphasizing that cryptocurrencies enjoy broad bipartisan support and have captured the attention of voters across the United States.

He highlighted their evolutionary impact on the financial system, as well as the empowerment of Black-owned businesses in Atlanta through blockchain technology.

He also stressed the importance financial inclusionwhich aims to address the issues faced by communities of color that often lack access to banking services.

During his speech at Crypto Votes Atlanta, an event hosted by Stand With Crypto on June 26, Bottoms emphasized the importance of fair regulation for the cryptocurrency sector.

In particular, it treats financial products fairly and honestly, making them available to all communities:

“We want to make sure that people acting in bad faith have no room to maneuver because it would harm the entire industry.”

Bottoms was introduced to the cryptocurrency sector following a ransomware attack that hit Fulton County in early 2024, marking her first direct interaction with the field.

Bottoms, already a member of the Global Advisory Board Coinbase He will serve in this role from April, while also working with the Biden campaign.

This new mandate signifies Bottoms’ continued commitment to promoting inclusive and sustainable policy in the crypto space and beyond, reflecting an integrated and community-driven approach in future initiatives.