The United States Internal Revenue Service (IRS) has extended the comment period for proposed crypto tax reporting rules. The public consultation will now last until November 13th. The proposed regulations, titled “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions,” aim to streamline tax submissions and reduce tax evasion. Brokers will be required to use a new reporting form, Form 1099-DA, which will help taxpayers determine if they owe taxes and simplify the filing process. These rules are set to come into effect in 2026 and will impact sales and exchanges conducted in 2025.However, the crypto community has not reacted positively to these proposed tax rules. CEO of DeFi Education Fund, Miller Whitehouse-Levine, criticized the rules as confusing and misguided. Kristin Smith, CEO of the Blockchain Association, highlighted the differences between the crypto ecosystem and traditional finance. Paul Singh Grewal, Chief Legal Officer of Coinbase, urged the crypto community to actively oppose the proposed regulations, stating that they would put digital assets at a disadvantage and harm the nascent industry.On the other hand, some members of the United States Senate, including Elizabeth Warren and Bernie Sanders, have called for the swift implementation of crypto tax reporting requirements. They criticized the two-year delay in implementing these rules. The debate over crypto taxation continues, with stakeholders expressing differing opinions on how to regulate this emerging industry.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Bernie Sanders, Elizabeth Warren, Paul Singh Grewal, Kristin Smith, Miller Whitehouse-Levine
Companies	Treasury Department, DeFi Education Fund, Blockchain Association, Coinbase, IRS
Currencies	US Dollar
Securities	None