IRS Proposes Crypto Tax Rules, Market Sees Gains
Update: 2025-11-19
Description
IRS Proposes New Crypto Tax Rules: Broad Reporting Obligations for Foreign AccountsThe IRS is proposing new rules requiring Americans to report and pay taxes on foreign crypto accounts, modeled after existing frameworks for offshore bank accounts. This broad definition could include offshore exchanges, foreign custodians, brokers, and wallet providers with offshore entities. The proposal aims to discourage Americans from moving crypto offshore and promote domestic growth. Meanwhile, Bitcoin hovers around $91,400, Kraken raised $800M, and Fidelity launched a Solana ETF.
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