IRS and BlackRock Influence Crypto Sphere with Stablecoin Initiatives and Tax Rule Adjustments
by aria-crypto.com
January 3, 2025 at 12:05
IRS and BlackRock Influence Crypto Sphere with Stablecoin Initiatives and Tax Rule Adjustments
The IRS has deferred the enforcement of new cryptocurrency tax reporting regulations until December 2026, granting brokers additional time to comply with the complexities of these rules. This delay is significant as it temporarily alleviates the pressure on investors and platforms who were preparing for the earlier deadline at the end of 2024. On another front, BlackRock is enhancing its footprint in the crypto market by backing a new stablecoin, FRX USD, managed by Frax Finance and secured by a tokenized fund, BUIDL. This move signifies a pivotal advancement in the integration of traditional finance with digital assets. In the podcast 'Thinking Crypto,' insights into these developments were discussed, outlining the impact of postponed IRS rules and BlackRock's venture into stablecoins. The crypto market itself is showing signs of revival in early 2025, with Bitcoin and various altcoins witnessing substantial gains. Meanwhile, Tether's USDT has seen a notable market cap decline, influenced by new European MiCA regulations which foresee increasing competition from other stablecoins like FRX USD in the forthcoming years.
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