Report: Ted Cruz Aims to Target Crypto Tax Rule With CRA Resolution

January 18, 2025 Bitcoin.com

bitcoin.com

Axios reports that Sen. Ted Cruz, a Republican from Texas, plans to wield the Congressional Review Act (CRA) next week to challenge a tax regulation that infringes on the rights of cryptocurrency brokers. This move is seen not just as a procedural tactic but as a principled stand against the expanding reach of governmental authority […]

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

IRS on the Chopping Block: Rep. Buddy Carter’s Vision for a Fairer America

January 13, 2025 Bitcoin.com

bitcoin.com

Rep. Buddy Carter (R-GA) has introduced the Fair Tax Act, a sweeping proposal to dismantle the federal tax code, abolish the IRS, and replace it with a national consumption tax—a move aimed at restoring individual economic freedom and limiting government overreach. Buddy Carter’s Fair Tax Act In a so-called act of principled defiance against an […]

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

IRS Crypto Tax Reporting Requirements Stir up Mass Confusion

January 3, 2025 Bitcoin.com

bitcoin.com

Some in the crypto community assumed the IRS was backpedaling on reporting requirements, but all requirements are still firmly in place, the agency simply announced a grace period for exchanges to upgrade their technology. IRS Grants Crypto Exchanges More Time to Implement Platform Upgrades Confusion ran rampant on Thursday after several publications posted ambiguous headlines […]

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

IRS Postpones Implementation of New Tax Rules for Crypto Asset Holders Interacting With Centralized Exchanges

January 3, 2025 The Daily Hodl

crypto

The Internal Revenue Service (IRS) is suspending the implementation of new tax rules that will affect investors who hold crypto assets in centralized exchanges. On July 9th, 2024, the Treasury Department and the IRS published the final rules for determining the order of selling crypto assets held in centralized finance (CeFi) platforms. Investors should choose […]

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US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

IRS Issues Crypto Relief – Here’s How to Avoid Higher Taxes in 2025

January 1, 2025 Bitcoin.com

bitcoin.com

The IRS will allow crypto holders on centralized exchanges to bypass strict tax regulations in 2025, preserving flexibility in reporting and tracking digital asset sales. IRS Announces Temporary Relief for Some Crypto Holders The Internal Revenue Service (IRS) has issued a temporary relief measure, which is expected to benefit cryptocurrency holders using centralized finance (cefi) […]

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking

December 30, 2024 The Daily Hodl

Blockchain Association

A prominent nonprofit crypto advocacy group is filing a lawsuit to dispute new reporting rules for decentralized finance (DeFi) brokers. In a new press release, the Blockchain Association says the “midnight” decision by the Internal Revenue Service (IRS) and the Treasury Department to force DeFi protocols to follow the same reporting rules as securities brokers […]

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US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

Crypto Industry Strikes Back: Lawsuit Challenges ‘Unconstitutional’ IRS Regulations

December 29, 2024 Bitcoin.com

bitcoin.com

The Blockchain Association, the Defi Education Fund, and the Texas Blockchain Council are preparing to fight back against the recently finalized so-called crypto ‘broker’ rules issued by the Treasury and the IRS. The coalition asserts that these rules are unconstitutional and represent regulatory overreach by these agencies. Crypto Coalition Files Lawsuit to Push Against IRS […]

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

DeFi has 3 options if IRS rule isn’t rolled back — Alex Thorn

December 29, 2024 Coin Telegraph

Coin Telegraph

The United States Treasury Department and the Internal Revenue Service (IRS) received more than 44,000 comments after proposing the rule.

The recent Internal Revenue Service (IRS) reporting rule designating decentralized finance (DeFi) front-ends as brokerages has sent shockwaves through the crypto industry. Alex Thorn, the head of research at Galaxy Digital, outlined three potential options for DeFi if the IRS rule is not backtracked.

According to Thorn, DeFi services and applications can comply with the IRS reporting requirements and accept the designation as a brokerage, attempt to block users from the United States, or abandon smart contract upgrades and revenue generation. Thorn wrote:

"Said another way, extremely decentralized applications are not in a position to know and thus could not comply with broker reporting requirements," Thorn continued.

US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

Crypto Stakeholders Protest As U.S. Treasury Department and IRS Finalize New DeFi Broker Reporting Rule

December 28, 2024 The Daily Hodl

Blockchain Association

Crypto stakeholders are protesting as the U.S. Department of the Treasury and the Internal Revenue Service (IRS) finalize new reporting rules for decentralized finance (DeFi) brokers. According to a new press release by the Treasury Department, while the new rules don’t add any taxes on crypto assets, they require DeFi brokers to report on the […]

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US Senator Outlines Congress Goals to Reshape Crypto Regulation Framework

Blockchain Association sues IRS over crypto broker rules

December 28, 2024 Coin Telegraph

Blockchain Association

The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.

The Blockchain Association is pushing back against the latest cryptocurrency regulatory move of the United States Internal Revenue Service (IRS) with a joint lawsuit.

On Dec. 27, the IRS issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms, such as decentralized exchanges (DEXs).

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

IRS

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