According to Wu, the U.S. Treasury Department's Internal Revenue Service (IRS) has released the 2025 cryptocurrency transaction tax system, which aims to establish filing rules for digital asset brokers, but the relevant rules for DeFi and non-custodial wallets have been temporarily shelved. The new rules will take effect for transactions starting in 2025 and require brokers to pay close attention to the cost basis of customer tokens starting in 2026. The new rules require trading platforms, custodial wallet services, and digital asset kiosks to submit disclosures about customer asset changes and gains. These assets include (in very limited circumstances) stablecoins such as USDT, USDC, and high-value non-fungible tokens (NFTs). The IRS will not require reporting of most regular stablecoin sales, and has set an annual threshold of $600 for NFT gains, which must be reported only if they exceed this threshold.
