The U.S. District Court for the Central District of California authorized the IRS to serve a "John Doe" summons on a California-based cryptocurrency prime dealer. The IRS is seeking information about as-yet unidentified U.S. taxpayers who conducted at least $20,000 in cryptocurrency transactions with the dealer.
Senator Pat J. Toomey (R-PA) and Senator Kyrsten Sinema (D-AZ) introduced the Virtual Currency Tax Fairness Act, which would exempt small virtual currency transactions from capital gains taxes.
In recent analysis, Fried Frank Partner Jason Schwartz discussed the core DeFi activity staking and the lack of formal guidance on how staking rewards are taxed in the United States.
New York Attorney General Letitia James warned cryptocurrency investors to make sure they are complying with all applicable tax laws associated with their investment in virtual assets.