ChainCatcher news, according to Coindesk, the U.S. Treasury Internal Revenue Service released the 2025 cryptocurrency transaction tax system, which aims to formulate filing rules for digital asset brokers, but the relevant rules for DeFi and non-custodial wallets have been temporarily shelved. The agency believes that mainstream crypto platforms that handle the vast majority of transactions can no longer wait for rules, but other issues require more research and will formulate corresponding rules later this year.
The newly released tax rules will take effect for transactions starting in 2025 and require brokers to closely monitor the cost basis of customer tokens starting in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures about customer asset changes and gains. These assets will also include (in very limited circumstances) stablecoins such as USDT, USDC, and high-value NFTs, although the IRS has explicitly refused to resolve the long-standing debate over whether tokens should be considered securities or commodities.
Under the new rules, the IRS will not require reporting of most routine stablecoin sales and sets an annual threshold of $600 for NFT gains, which must be reported.