DeFi has 3 options if IRS rule isn’t rolled back — Alex Thorn
The United States Treasury Department and the Internal Revenue Service (IRS) received more than 44,000 comments after proposing the rule. Go to Source
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Blockchain Association sues IRS over crypto broker rules
The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act. Go to Source
IRS Doubles Down on Immediate Staking Rewards Tax Stance
The U.S. Internal Revenue Service (IRS) has reaffirmed its stance on the immediate taxability of staking rewards, doubling down on a position assumed in 2023 as part of internal guidelines. In a recent filing related to an ongoing lawsuit, the service argues that the rewards generated through staking do not constitute new property and should … Read more
Crypto industry calls on Congress to block new DeFi broker rules
The new IRS rules classifying DeFi protocols as brokers have triggered a swift backlash in the crypto industry, with calls for Congress to overturn the rules. Go to Source
IRS issues rules on digital asset reporting, says front-ends are brokers
The final regulation treats DeFi front-ends as brokers, demanding the disclosure of gross proceeds from sales of digital assets. Go to Source
Biden’s New Crypto Rule Shakes Entire Industry – Full IRS Oversight Incoming
The U.S. Treasury’s sweeping IRS rule forces crypto platforms to track and report all transactions, igniting fierce industry backlash and looming legal battles over its survival. US Treasury Expands IRS Reach – Crypto Industry Faces Full Reporting Rule The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have finalized sweeping new regulations … Read more
IRS doubles down on crypto staking taxes — Report
The US tax agency denied arguments from a second lawsuit brought by Joshua and Jessica Jarrett over staking rewards. Go to Source
Early Bitcoin investor jailed for unreported crypto gains in $4M BTC sale
A Texas Bitcoin investor faces prison for failing to report over $4 million in cryptocurrency gains, setting a legal precedent. Go to Source
Trump nominates pro-Bitcoin Matt Gaetz as US attorney general
Gaetz’s nomination for US attorney general signals a potential shift in the DOJ’s stance on crypto, innovation and regulatory policies. Go to Source
IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns
Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts … Read more
