The U.S. Internal Revenue Service (IRS) recently proposed a compliance requirement: brokers must report transactions in digital assets and extend the scope of this requirement to various front-end platforms (referring to Dex).
However, this requirement will not be implemented until 2027, when profits from Dex transactions throughout 2026 will also need to be taxed.
Everyone in the industry knows that this document is aimed at Defi (decentralized finance)
Currently, Defi is the last pure land that is completely unregulated by the government.
The IRS documents mentioned Defi many times, for example:
“The Treasury Department and the IRS do not agree that these final regulations reflect a bias against the DeFi industry or that these regulations will discourage the adoption of this technology by law-abiding customers.”
Treasury and the IRS do not believe that these final regulations reflect a bias against the DeFi industry or that they will prevent law-abiding customers from adopting this technology.
“Information reporting by DeFi brokers under section 6045 will lead to higher levels of taxpayer compliance because the income earned by taxpayers engaging digital assets transactions without a custodial broker will be made more transparent to both the IRS and taxpayers.”
Information reporting by DeFi brokers under Section 6045 will improve taxpayer compliance because income earned by taxpayers from digital asset transactions without a custodial broker will be more transparent to both the IRS and taxpayers.
But don't panic. First of all, this affects only U.S. tax residents, and non-U.S. persons are not affected at all.
Secondly, Trump has promised to exempt cryptocurrencies from capital gains tax:
Fire SEC Commissioner Gary Gensler.
Fired the current SEC chairman on his first day in office
Introduce a national strategic Bitcoin reserve.
Establishing a national strategic reserve of Bitcoin
Appoint a Bitcoin and crypto presidential council to design regulatory reforms.
Establishing a Presidential Commission on Bitcoin and Crypto to Involve Regulatory Reform
Ensure that Bitcoin continues to be mined in the U.S.
Ensuring Bitcoin Mining in the United States
Make the U.S. the “Crypto Capital” of the world.
Making America the Crypto Capital of the World
Remove capital gains taxes on Bitcoin transactions.
Eliminate capital gains tax on Bitcoin transactions
Ensure that the U.S. does not introduce a CBDC.
Guarantee that the US will not issue a CBDC
If Trump can fulfill his tax-free promise by 2027, the IRS will have worked in vain.
Come on Trump!