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DeFi proponents to fight US IRS tax code
Latest IRS News
News
IRS veteran Trish Turner has been appointed to lead the agency’s crypto unit, following the exit of two key private-sector hires who helped build the office’s crypto oversight. Trish Turner, a longtime IRS official, has taken over the agency’s crypto…
News
Coinbase has made an official statement in the landmark Supreme Court case, which challenges IRS's powers to demand crypto-related data.
News
The U.S. Senate has voted 70-27 to overturn an Internal Revenue Service rule that would have imposed new reporting requirements on decentralized finance brokers. As reported by Business Insider, the motion presented by Senator Ted Cruz, was approved under the…
Follow-up
On Mar. 4, the U.S. Senate released the Congressional Review Act to rescind a Biden-era regulation commonly known as the Broker DeFi Rule. This rule required decentralized finance platforms to share user data with the Internal Revenue Service. The CRA…
News
The United States Senate will vote this week on a resolution seeking to overturn the Internal Revenue Service’s crypto reporting rule, which industry players argue threatens the decentralized finance sector. Reports that U.S. senators were looking to overturn the IRS…
News
A controversial tax rule proposed by the U.S. Internal Revenue Service, requiring decentralized finance brokers to report crypto transactions, could be overturned as lawmakers have pushed to repeal it. On Feb. 26, U.S. House Representatives advanced a resolution to scrap…
News
For the first time, the IRS has successfully prosecuted a case of tax fraud solely involving crypto. The U.S. Internal Revenue Service has won a major victory, setting a legal precedent in the fight against crypto-related tax fraud. In December…
BTC
Bitcoin
News
Senator Ted Cruz of Texas is preparing to challenge a newly finalized IRS cryptocurrency regulation using the Congressional Review Act The rule requires decentralized cryptocurrency exchanges to collect customer information, including names and addresses, and issue tax forms to users.…
Follow-up
On Jan. 9, 2025, congressman Earl Carter proposed a bill replacing the US tax code with a national consumption tax and abolishing the IRS. Earlier this month, the IRS was sued by Blockchain Association over the new reporting rule. New…
News
The Blockchain Association, DeFi Education Fund, and Texas Blockchain Council jointly filed the legal challenge in the U.S. District Court for the Northern District of Texas.
News
The U.S. Internal Revenue Service said DeFi brokers should comply with long-standing securities rules, disagreeing with industry sentiment arguing for different laws for digital assets.
Opinion
In the new days of Tulip Mania for Bitcoin, cryptocurrency investors will be subject to worldwide US taxation on their digital assets.
BTC
Bitcoin
News
Larry Harmon, an Ohio resident, has been sentenced to three years in prison for laundering more than $300 million worth of Bitcoin through his darknet service, Helix, according to Bloomberg. The platform operated a tool designed to obscure the origins…
BTC
Bitcoin
News
The Internal Revenue Service has simplified the reporting requirements in the latest iteration of Form 1099-DA, which crypto brokers and taxpayers will use to report digital asset transactions. According to the Aug. 9 update, the new draft has removed several…
Feature
While industry advocates have welcomed the finalized crypto tax measures after years of wrangling, messy deliberations about non-custodial providers still lie ahead. It’s been a long time consuming, but the Internal Revenue Service and the Treasury Department have finally agreed…
Opinion
Hackers slipped back into their old habits and once again began targeting large, data-rich organizations with lots of cash and digital assets.
