- The IRS of the US has published proposed rules governing brokers’ sales and exchanges of digital assets.
- The regulations are scheduled to take effect in 2026 to take into account transactions made in 2025.
- The new crypto tax reporting regulations have drawn criticism from several well-known pundits.
The Internal Revenue Service (IRS) of the United States has published proposed rules governing brokers’ sales and exchanges of digital assets.
These regulations align the reporting of digital assets with other forms of assets to streamline tax preparation and decrease tax fraud. The regulations are scheduled to take effect in 2026 to take into account transactions made in 2025.
New tax regulations
The new crypto tax reporting regulations have drawn criticism from several well-known pundits, including Patrick McHenry, the chairman of the House Financial Services Committee, Miller Whitehouse-Levine, CEO of the DeFi Education Fund, and Kristin Smith, CEO of the Blockchain Association.
Gemini has submitted a reply brief to have an SEC action dismissed, contending that the court should ask simple questions to ascertain if Gemini meets the requirements to be considered a security.
The U.S. Copyright Office’s position that works exclusively produced by artificial intelligence (AI) are ineligible for copyright protection was supported by U.S. District Judge Beryl Howell. This comes amid ongoing legal debates about AI companies exploiting protected content for training and growing worries that generative AI could displace human artists and authors.
The UK Treasury has published a consultation paper requesting data to determine the entire impact on businesses and the expenses related to enacting and enforcing a ban on financial cold calling.
To have the most effect on con artists and the least amount of harm on companies that frequently rely on cold-calling prospects, the consultation will end on September 27, 2023.
