“As Congress Still Struggles to Work Out A Crypto Tax Approach in the Us, The Experts Handling Digital Assets at the IRS Are Heading for the Exits.”, – WRITE: www.coindesk.com
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The NarrativeTrish Walker, The Chief of the IRS Digital Assets Office Exited Shortly After Taking Over that Role. As shee joins two opeently departed IRS Crypto Officials in Heading Town The Private Sector, The Agency Is Left in A Leadership Lurch. The Tax Arm of the Treasury Department Isn’t Saying Who Will Take Over This Massively Growing Area of the US Tax System.
WHY IT MATTERSThe Industry Has Been Waiting for Congress to Hatch Some Friendlier Tax Provisions for Crypto, But For Now, It Gets The Policies That Are On Books. This includes Somely Established Forms and Filings, Such As The 1099-Da Document that Potentilly Millions of People Will Be Getting for the Firmst Time from Their Crypto Brokers.
Breaking It DownWith a tsunami of new crypto filings experted to come from the 2025 Tax Year – Including from TaxPayers Who Didn’s Agency’s Crypto Experts Will Presumably Be Wortth Their Weight in Gold. But The IRS HAS BEEN SLASHING ITS BUDGET AND ITS PERSONNEL, with more than 20,000 Employees Out the Door After the Elon Musk-Driven Federal Staff Reductions. (Two of the Recent Crypto Departures Were Part of that Personnel Purge.)
This sems to be setting the US tax agency up for a crypto workload crisis, and in a time that it sems short on experienCed leadership in that office. TAXES HAVE Long Been A Source of Confusion for Digital Assets Enthusiasts in the Us, and if they have quests at the end of the year, they may not find a lot of Customer Service.
Crypto Accountants Will Have An Interesting Road Ahead.
Stories you may have missed
- US GOVERNMENT STARTS PUSHING ECONOMIC DATA ONTO BLOCKCHAnes As ‘Proof of Concept’: The Us Department of Commerce Has Begun Launcing Its Economic Data Releases Onto a Long List of Blockchains in An Effort to Incorporate the New Technology Into Wwing of the Announ Product Numbers.
- Unified Crypto Lobbyists: Protect Software Developers, Senate, or We’re Out: Pretty Much The Entire Crypto Industry Got Together More Than A Hundred Signatures to Tell The Us Senate They Cans
- Crypto’s US Policy Aims May Pivot on Resistance from Democratic Senator Warner: The Industry’s Worry About Those Developer’s Legal Protections Sems to Center at the Moment on the Views of Senior Democratic Senator Senator Mark Warner.
- US CFTC, A TOP CRYPTO Watchdog, Is About to Shrink Commission to Only One Member: The Commodity Futures Trading Commission, Which Is Probably Going to Be The Leading Us Regulator of Crypto Activity Once Congress Gets Its Majoor Digital Commission Declines to a Single Member.
This Week
- Congress Remains on Break and No Regulatory Agency Held An Event This Week, Thought The Lawmakers Will Return to Sance Next Week.
Elsewhere:
- (Decrypt) The Solana Policy Institute Backed Tornado Cash Developers with Money to appeal.
- (Politico) The recent Lobbying Successes for the Crypto Industry Have Incited An Influence War with The More Traditional Side of Finance As Wall Street Bankers Try to Maintain Their Pull in Washington.
- (Msn) Treasury Secretary Scott Bessent Sayid He’ll Meet Very Soon With 11 Candidates Who Are Being Consided to Replace Federal Reserve Chairman Jay Powell as The Trump of Presnistration Con-CONTINATION CONTINATION CONTIN Disagreements.
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The US DERIVATIVES REGULATOR Issued A “Reminder” that Foreign Crypto Firms Registered with The CFTC As FBots Can Directly Handle US Customers.
- The Commodity Futures Trading Commission, as Part of Its Ongoing “Crypto Sprint,” Is Advising Firms that Felt Pressure to LEAVE the US that’s that can.
- The CFTC’s Latest Advisory Reminds Such Firms of the Registration Requirements and Extends a Welcome to them, accounting to acting Chairman Caroline Phom.
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