Bitcoin
Exchanges like Coinbase must report trading information to the IRS starting in 2026
Top line
The Treasury Department will require most crypto brokers to disclose user transaction proceeds to the IRS starting in two years, the agency said. said fridaya reporting requirement introduced to contain Tax evasion through the cryptocurrency market.
PARIS, FRANCE – APRIL 13: The requirement will begin in 2026. (Photo illustration by Chesnot/Getty Images) [+] Images)
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Key facts
The rule, which takes effect in 2026, requires cryptocurrency exchanges and payment processors like Coinbase to report information about user sales and trades to the IRS, according to a declaration of the agency.
The IRS said the rule is not a new tax, noting that cryptocurrency investors always owe taxes when they sell their assets, and the new rules are “similar to those that already apply to traditional financial services.”
The rule is being touted as a way to prevent tax evasion on crypto platforms, which could make the crime more accessibility due to the fact that transactions can be linked to public addresses that are difficult to connect with specific merchants.
The change also means that crypto traders will receive simple tax reporting forms each year like investors in stocks and other traditional assets, according to Wall Street Journalwhich notes that cryptocurrency investors have historically relied on expensive and inaccurate service providers to obtain an estimate of taxes owed.
The new rule comes with exceptions, including one that excludes decentralized exchanges, which emphasize peer-to-peer trading without the use of intermediaries, from having to report user transactions.
However, the Treasury Department has indicated that it will consider more reporting requirements this year designed for decentralized crypto exchanges, in accordance with the declaration.
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great number
$28 billion. That’s how much money the reporting requirement is expected to generate in tax revenue for the federal government, according to Deloitte.
Main context
Federal regulators have been seeking to regulate cryptocurrency companies for about a decade. In recent years, the Securities and Exchange Commission has imposed lawsuits, charges and penalties against major cryptocurrency companies like Binance, Coin base It is FTX. The IRS has required crypto investors to report their transactions on their tax returns, but it has not had the power of a wide-reaching regulatory network like the tax reporting rule passed on Friday. Instead, tax authorities like the IRS have reluctantly relied on subpoenas to properly identify the transactions they care about, according to Deloitte, which noted that the challenge of regulating crypto is largely informed by constant market changes. .
Further Reading
Crypto to see stricter tax rules from 2026 (WSJ)
Tax Reporting in the Cryptocurrency Era (Deloitte)
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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