"IRS Temporarily Suspends Enforcement of $10K Crypto Tax Rule"

The IRS clarified that it will not currently enforce the new law requiring immediate reporting of crypto transactions over $10,000, stating that regulations must be issued before it goes into effect. Questions remain about who the law implicates and how it will be enforced, with potential challenges for those receiving crypto payments from decentralized entities. Crypto advocacy group Coin Center has sued the Treasury Department and the IRS, arguing that the statute is unconstitutional, and the case is currently on appeal.