On June 27, 2025, the IRS intensified its enforcement of cryptocurrency tax regulations, coinciding with new reporting requirements. This follows a surge in IRS notices to U.S. crypto users, with CoinLedger reporting a 758% increase over the past 60 days. (Source: Reuters, Axios)
Starting January 1, 2026, crypto brokers must report gross proceeds and cost basis on Form 1099-DA. This aims to improve tax compliance by providing detailed gain/loss data. (Source: Reuters)
In April 2025, President Trump signed legislation repealing a rule that would have classified DeFi exchanges as brokers. Despite this, the IRS continues to enforce existing tax obligations, with potential penalties for non-reporting. (Source: Reuters)
The IRS is partnering with firms like Chainalysis and Palantir to analyze blockchain data. As of June 27, 2025, Bitcoin (BTC) is trading at $106,901. (Source: Reuters)