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Percentage of Cryptocurrency Brokers Compliant with IRS Rules by June 30, 2024?
5
Resolution / Starting Odds
Less than 50% • 33%
50% to 75% • 33%
More than 75% • 34%
Reports from major cryptocurrency exchanges or IRS
Story
Treasury and IRS Finalize Crypto Tax Reporting Rules for Brokers, DeFi Pending
Jun 28, 2024, 08:23 PM
The U.S. Treasury Department and the IRS have finalized new tax reporting rules for cryptocurrency brokers. This long-awaited move aims to combat tax evasion in the cryptocurrency markets. The new rule mandates that cryptocurrency brokers, including exchanges and payment processors, report users' sales and exchanges of digital assets to the IRS. However, the Treasury and IRS have not yet finalized rules pertaining to decentralized finance (DeFi) and non-custodial entities. The agencies are still working on defining how these entities might fit into the new reporting regime. The guidance follows a provision from the 2021 Infrastructure Bill.
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Coinbase • 33%
Binance • 33%
Kraken • 33%
Yes • 50%
No • 50%
All comply • 25%
Most comply • 25%
Few comply • 25%
None comply • 25%
CFTC leads • 25%
SEC leads • 25%
Joint leadership • 25%
No change • 25%
Exchanges leave Italy • 25%
Exchanges increase fees • 25%
Exchanges implement compliance measures • 25%
No significant changes • 25%
Increased regulation • 25%
No change • 25%
Reduced regulation • 25%
Other • 25%
Coinbase • 33%
Binance • 33%
Kraken • 33%
Actions against multiple exchanges • 25%
Actions against one exchange • 25%
No new actions • 25%
Regulatory guidance issued • 25%
