Robinhood upgrades crypto services: US fee tiers expanded to 7 (lowest 0.03%), European perpetual contracts for XRP, SOL, DOGE, SUI with up to 7x leverage, ETH/SOL staking for New York users, and cost basis tool in December. Crypto revenue surged 300% YoY to $268M.
The IRS introduces Form 1099-DA for centralized exchanges and mandates per-wallet cost basis tracking starting 2025. Tax experts warn of penalties and urge investors to prepare for the 2026 tax season.
A U.S. federal court sentenced former Safemoon CEO Braden Karony to 100 months in prison, ordered $7.5 million in forfeiture and two properties seized, after prosecutors said he misused over $9 million from liquidity pools.
The IRS is intensifying its crackdown on crypto tax evasion ahead of the April 15 filing deadline, introducing Form 1099-DA requiring brokers to report total digital asset transaction amounts. However, cost basis reporting is not yet mandatory, leaving investors responsible for calculations. A survey shows 61% of US crypto investors are unaware of the new rules.
The IRS is requiring some crypto users under tax audit to disclose their history with more than 100 exchanges and wallets, including major trading platforms and self-custody tools, signaling tougher compliance scrutiny.
The U.S. IRS has extended crypto tax relief until end of 2026, allowing investors to use specific identification instead of mandatory FIFO, potentially reducing capital gains taxes and simplifying exchange reporting requirements.
A Coinbase and Cointracker survey of 3,000 investors reveals 74% know crypto is taxable, but only 35% adjusted cost basis. The new 1099-DA form for 2025 may trigger inflated gains if cost basis is not self-reported. Poor understanding persists, while interest in AI tax tools rises.
Defunct P2P crypto platform Paxful was sentenced to pay a $4 million criminal penalty for conspiring to promote illegal prostitution and violate the Bank Secrecy Act. The U.S. DOJ highlighted its facilitation of nearly $17M in Bitcoin flows to Backpage and similar sites.
