USA: the new regulation on crypto taxes arrives

News regarding regulation for crypto taxes: the United States (USA) Department of the Treasury and the IRS have published the final regulations concerning the tax reporting of sales and exchanges of digital assets.

These regulations aim to facilitate taxpayers in submitting accurate declarations and in paying the taxes due according to the current law.

The new provisions represent a significant step towards greater transparency and tax compliance in the world of cryptocurrencies and other digital assets. Let’s see all the details below.

Summary

• Tax regulation for crypto: clarity on taxes for US taxpayers
• Improving tax reporting and reducing evasion
• Keisha Lance Bottoms: le crypto sono una questione apolitica e unificante

Tax regulation for crypto: clarity on taxes for US taxpayers

As anticipated, the United States Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have published today the final regulations on the reporting requirements of the IIJA for digital asset brokers.

This is included in the broader context of the implementation of the Infrastructure Investment and Jobs Act (IIJA) by the Biden-Harris administration.

These new regulations align the reporting requirements for digital assets with those long in place for traditional financial services, without introducing new taxes on digital assets.

Their main objective is to facilitate taxpayers in the submission of accurate declarations and the payment of taxes in accordance with existing legislation.

According to the new regulations, brokers will be required to report the gross proceeds from the sale of digital assets starting in 2026 for all transactions that occurred in 2025.

Furthermore, starting from 2027, brokers will have to provide information on the taxable base for specific digital assets for sales that occurred in 2026.

Aviva Aron-Dine, Assistant Secretary for Tax Policy, emphasized the importance of these changes by stating the following:

“Thanks to the bipartisan Infrastructure Investment and Jobs Act, investors and IRS will have improved access to the necessary documentation for accurate tax return filing. By implementing these reporting requirements, the final regulations will facilitate the payment of taxes owed under current law, while simultaneously reducing tax evasion among wealthier investors.”

Improving tax reporting and reducing evasion

Although the owners of digital assets have always been required to pay taxes on the sales and exchanges of such assets, many compliant taxpayers have often had to rely on expensive third-party services to calculate their gains or losses.

The new final regulations aim to ensure that brokers provide investors with all the necessary information for tax reporting in an accurate, simple, and as least burdensome as possible manner.

On the other hand, the IRS will be able to better manage the risks of tax evasion related to digital assets.

These regulations were formulated after a public hearing and a careful review of over 44,000 comments received in response to the initial proposals.

To summarize, the current regulations mainly focus on the reporting requirements for custodial brokers.

While the Treasury and the IRS plan to issue additional rules by the end of the year to establish reporting requirements also for non-custodial brokers, in accordance with legal requirements.

Keisha Lance Bottoms: le crypto sono una questione apolitica e unificante

Keisha Lance Bottoms, who will soon take on the role of senior advisor in Joe Biden‘s election campaign, recently told the media that cryptocurrencies represent a nonpartisan and unifying issue.

On June 27, Bottoms spoke with The Hill emphasizing that cryptocurrencies have received broad bipartisan support and have attracted the attention of voters across the United States.

He highlighted their evolutionary impact on the financial system, as well as the empowerment of black-owned businesses in Atlanta through blockchain technology.

Furthermore, he emphasized the importance of financial inclusion, aiming to address the challenges that affect communities of color, often lacking access to banking services.

During his speech at Crypto Votes Atlanta, an event organized by Stand With Crypto on June 26, Bottoms emphasized the importance of fair regulation for the cryptocurrency sector.

In particular, that it dealt with financial products with justice and fairness, making them accessible to all communities:

“We want to ensure that those who act in bad faith have no room to maneuver, because this would harm the entire industry.”

Bottoms became familiar with the cryptocurrency sector after the ransomware attack suffered by Fulton County in early 2024, which marked her first direct interaction with this field.

Bottoms, already a member of the Global Advisory Council of Coinbase since April, will maintain this role while collaborating with Biden’s campaign.

This new assignment marks a further commitment by Bottoms towards the promotion of inclusive and sustainable policies in the field of cryptocurrencies and beyond, reflecting an integrated and community-oriented approach in its future initiatives.

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