New Crypto Reporting Rules for Exchanges Proposed: Crypto in DC

US-based crypto exchanges such as Coinbase Global Inc. would need to disclose detailed information about clients’ transactions to the Internal Revenue Service starting from 2026 under new proposed regulationsissued by the Treasury Department.

The new rules would require crypto platforms to track and report key information including customers’ capital gains and losses. The IRS seeks to crack down on crypto tax cheats as part of their efforts to close a tax gap that totals more than $500 billion per year.

House Financial Services Committee Chairman Patrick McHenry criticized the proposal as the latest of the Biden administration’s “attack on …



https://news.bloomberglaw.com/privacy-and-data-security/new-crypto-reporting-rules-for-exchanges-proposed-crypto-in-dc

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