IRSFinal Rule
Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales; Revocation
Finance & BankingTechnology
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Summary
The IRS is canceling a rule that would have required cryptocurrency brokers to report detailed information about their customers' digital asset sales to the government. This reversal means brokers won't have to file these expanded reports, at least for now.
Key Points
- 1The IRS previously proposed requiring brokers to report gross proceeds (total money from sales) from digital asset transactions to track tax compliance
- 2This new action revokes or cancels that reporting requirement, meaning brokers no longer have to submit these detailed reports
- 3The change affects cryptocurrency exchanges and platforms where people buy and sell digital assets like Bitcoin and Ethereum
- 4Taxpayers selling cryptocurrency may face less IRS oversight of their transactions without this reporting mechanism in place
- 5This reversal reflects ongoing debate about how much information the government should collect about cryptocurrency transactions
Key Dates
Published
July 11, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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