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đŽđšUS Treasury finalizes new crypto tax reporting rulesđŽđš The U.S. Treasury Department finalized a rule on Friday requiring cryptocurrency brokers, including exchanges and payment processors, to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service. The new requirements aim to crack down on crypto users who may be failing to pay their taxes, and stem from the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act. At the time the bill was passed, it was estimated that the new rules could bring in close to $28 billion over a decade. The rule, which would be phased in starting next year for the 2026 tax filing season, align the tax requirements for cryptocurrencies with existing tax reporting requirements for brokers for other financial instruments, such as bonds and stocks, Treasury said. The final rule was modified from Treasury's original proposal in order to limit some burdens on brokers and to phase in the new requirements in stages, Treasury officials said. It also includes a $10,000 threshold for reporting on transactions involving stablecoins, a type of crypto token typically pegged to an asset like the U.S. dollar.$BTC
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Binance must face bulk of US SEC crypto lawsuit, judge rules The decision by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia deals a blow to Binance, which had asked the court to toss the SEC's lawsuit that alleges Binance and its founder and former CEO Changpeng Zhao broke securities laws. The SEC's suit filed against Binance in June 2023 accused the exchange and Zhao of artificially inflating its trading volumes, diverting customer funds, failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls. The regulator also accused Binance of unlawfully facilitating trading of several crypto tokens the SEC deemed unregistered securities. The ruling adds to the exchange's woes after Binance agreed in November to pay $4.3 billion to settle with the Department of Justice and the Commodity Futures Trading Commission over illicit finance breaches. Still, Fridayâs ruling marks a partial victory for the broader cryptocurrency sector as she sided with a previous judge in saying that the SEC had not made its case that secondary sales of Binanceâs tokens â sold by sellers other than Binance on exchanges- were not securities.$BTC $BTC
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US Treasury finalizes crypto rules to prevent tax evasion
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