The United States Internal Revenue Service (IRS) published a series of proposals regarding cryptocurrency taxation regulations in August and initiated a public consultation process. The consultation process, which was planned to be completed in the near future, has been postponed to a later date according to an announcement made by the IRS. The IRS stated that the consultation process will continue until November 13th.
The proposals by the IRS to impose a series of new obligations on cryptocurrency trading platforms received strong support from some US Senators. Last week, a group of Democratic Senators, including Senator Warren, who is known for her cautious approach to cryptocurrencies, sent a letter to the IRS regarding the issue.
In their letters to the IRS, the Senators called for the acceleration of the process regarding cryptocurrency tax regulations. The Senators stated that the new regulations, planned to be effective as of 2026, should be implemented as soon as possible, emphasizing the current regulatory ambiguity in the cryptocurrency industry. However, the cryptocurrency tax proposal, supported by a group of Democratic Senators, did not receive similar support in the cryptocurrency industry.
Consultation Process to Continue Until November 13th
Meanwhile, the proposals that will impose a series of new reporting obligations on cryptocurrency trading platforms received intense criticism from many figures in the cryptocurrency industry, despite the support of some US Senators. While discussions regarding the IRS’s tax proposal continue in the public opinion, the completion date of the initiated consultation process has been postponed to November.
The consultation process regarding cryptocurrency taxation regulations, which was planned to be completed in the near future, has been extended until November. According to the announcement, the consultation process will continue until November 13th.
