WSJ: The U.S. Treasury Department releases new regulations on cryptocurrency taxation, and cryptocurrency trading platforms may report total transaction revenue starting in 2026

ChainCatcher news, according to The Wall Street Journal, to address the issue of tax evasion by cryptocurrency investors, the U.S. Treasury Department has proposed new tax regulations. These regulations aim to simplify complex tax issues and ensure that cryptocurrency investors comply with tax laws. According to the proposal, by 2026, cryptocurrency trading platforms such as Coinbase will be required to submit Form 1099s to the IRS, reporting the total income from transactions.

In addition, trading platforms will later begin reporting the cost basis of assets purchased by customers. The purpose of these new regulations is to increase tax transparency and ensure that investors report their taxes correctly. Furthermore, these regulations will also apply to non-fungible tokens (NFTs) and decentralized finance platforms.