The Biden administration has taken action against tax evasion in cryptocurrency markets. A final rule adopted by the Treasury Department requires cryptocurrency platforms to report user transaction information to the Internal Revenue Service (IRS). This move aims to deter tax evasion by letting potential wrongdoers know that the IRS is aware of their tax liabilities. Despite some unfinished work due to lobbying, this step is seen as a significant measure to tackle tax evasion in the cryptocurrency space.
