US Treasury and IRS Propose Cryptocurrency Regulations for Brokers

Two federal agencies in the United States — the Department of the Treasury and the Internal Revenue Service (IRS) — have introduced a proposal for cryptocurrency regulations that outlines brokers’ reporting obligations.

The Office of Advocacy of the U.S. Small Business Administration announced that this proposal regarding crypto regulations for brokers was made public on August 29. It elaborated on the requirements for gross proceeds and basis reporting by brokers, as well as how to determine the amount realized and basis for digital asset transactions.