The US has published new reporting rules for cryptocurrency brokers. Decentralized exchanges and self-storage wallets are not subject to the new rules, the IRS said. However, stablecoins and tokenized assets are not exempt from the new requirements. 📝

IRS Commissioner Danny Werfel emphasized the need to close the tax gap created by digital assets: "We need to make sure that digital assets are not used to hide taxable income."

The Blockchain Association and the Chamber of Digital Commerce have expressed their concerns about the proposed rules, citing high compliance costs.