The completion of a proposed tax rule that would change how cryptocurrency investors and brokerages report their taxes has yet to be issued by the US government, causing frustration for the industry. The delay may be due to concerns from the White House about legitimizing the crypto industry while debating oversight legislation for digital assets markets and stablecoins. The proposed rule would govern how crypto firms report information about customers’ tax positions, potentially addressing a central objection to crypto. The delay means that the new rules may not be in place until after the 2023 tax season, causing a tight timeline for compliance in 2024 and prompting some lawmakers to urge the IRS to act swiftly to prevent tax evasion.
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US Government Delays Issuing Tax Rule for Cryptocurrency, Causing Frustration for Investors and Brokerages
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