TechFlow news — The U.S. Department of the Treasury recently released a nearly 300-page proposed rule that clearly defines "brokers" within the cryptocurrency industry, resolving years of uncertainty regarding tax reporting obligations.
Under the new rules, centralized exchanges (CEXs), payment processors, certain custodial wallet providers, some decentralized exchanges, and individuals or entities that have cashed out issued crypto tokens will be required to comply with tax reporting requirements. The proposal also introduces a new tax form for newly designated brokers, addressing previous confusion about which forms were most appropriate for taxpayers.
The proposed rule is currently in the draft stage. The government will collect public comments until October 30, followed by a series of public hearings on November 7 and 8. The industry still has time to lobby federal officials to shape the final regulations before the 2025 tax year.
