"Breaking: Biden administration introduces groundbreaking crypto tax regulations"

The Biden administration has proposed new tax reporting rules for cryptocurrency brokers, including exchanges and payment processors, requiring them to report information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS). The proposed tax reporting form, Form 1099-DA, aims to simplify tax calculations for crypto users and bring digital asset brokers under the same reporting rules as brokers for other financial instruments. The rules would cover cryptocurrencies like bitcoin and ether, as well as non-fungible tokens. The proposal is part of a broader effort to crack down on tax evasion in the crypto industry and is expected to generate close to $28 billion in tax revenue over a decade. The Treasury Department is accepting feedback on the proposal until October 30.