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The IRS is tightening its grip on crypto activity, and now the agency’s reporting net is expanding both inside and outside the United States. A new White House review signals that offshore transactions may soon fall under direct U.S. surveillance. IRS Sets 2025 Start Date for Digital-Asset Reporting The IRS has finalized its digital-asset reporting rules, marking the first major overhaul of crypto tax compliance in years. U.S. brokers must begin reporting all sales, swaps and redemptions of digital assets on the new Form 1099-DA for transactions occurring on or after Jan. 1, 2025. The forms will go out to taxpayers in 2026, creating the first standardized nationwide record of crypto disposals. Form 1099 DA 2025. Source: IRS This shift places crypto assets, including Bitcoin, stablecoins and NFTs — under the same information-reporting structure long used for stocks and bonds. The agency says uniform reporting will reduce errors, close tax gaps and limit “under-reported” crypto activity that has grown alongside digital-asset adoption. The policy also ends years of uncertainty over how platforms should report crypto transactions to the government. Officials note that the framework applies to centralized exchanges, wallet providers with brokerage-like functions, and digital-asset payment processors. The IRS views these intermediaries as “brokers” for federal reporting purposes, meaning they must track cost basis, proceeds and customer identity details beginning next year. Transition Relief Gives Firms Time to Adjust Systems Although the rules take effect in 2025, the IRS is offering transition relief during the first year. The agency will relax penalties tied to information reporting and backup withholding as platforms update their compliance systems. This relief window aims to prevent disruptions for both exchanges and users while the industry restructures its reporting pipelines. However, firms are still expected to demonstrate “good-faith efforts” to upgrade their infrastructure. The IRS says platforms should already be preparing for full enforcement by 2026, when Form 1099-DA data starts feeding into taxpayer filings. The transition period also gives brokers time to build cost-basis tracking tools—an area that crypto platforms have struggled with due to the complexity of on-chain transfers. Despite the relaxed penalties, the IRS emphasizes that the rules are not optional. Agencies warn that “voluntary compliance” will not shield companies from future audits once enforcement fully ramps up. U.S. Targets Offshore Crypto Activity Through New Rule Review A new development adds an international dimension to the reporting effort. The White House is reviewing a proposed Treasury rule that would extend IRS visibility to crypto transactions conducted abroad. The plan would require foreign exchanges, custodians and digital-asset intermediaries dealing with U.S. taxpayers to send transaction data to the IRS through expanded third-party reporting. Trump IRS Foreign Crypto Accounts. Source: WatcherGuru on X The proposal mirrors existing frameworks for foreign bank accounts, strengthening U.S. efforts to track income routed through offshore platforms. Treasury officials argue that cross-border reporting is essential because digital assets move fluidly across jurisdictions, making it easy for taxpayers to hide gains unless data sharing is mandatory. If finalized after White House review, the measure would broaden the IRS’s surveillance reach to offshore crypto hubs, increasing global compliance pressure. Analysts say the rule could reshape how foreign platforms handle U.S. users, forcing tighter onboarding standards and new data-collection requirements. As U.S. regulators move toward a fully integrated reporting regime, the IRS’s message is clear: digital-asset income is taxable, traceable and soon subject to worldwide oversight.
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Here’s How Much XRP a BlackRock ETF with $100B Would Hold if XRP Hits $220
A market pundit suggests that the XRP price would need to surge higher to accommodate the accumulation from funds like a potential BlackRock XRP ETF. Notably, the Canary Capital XRP ETF (XRPC), which went live on Nov. Visit Website Coinpaper
What Jane Street’s New $13 Million Marathon Stake Says About Bitcoin
Institutional traders are still adding Bitcoin exposure while retail sentiment stays cautious. Jane Street’s new stake in Marathon, a $120 million whale buy, and a defended $90,000 support band all show deep-pocketed buyers stepping in. Jane Street Discloses New $13 Million Stake in Bitcoin Miner Marathon Jane Street has revealed a fresh position in Marathon Digital, adding another major Wall Street name to the list of institutions gaining exposure to Bitcoin through mining equities. The disclosure, filed on Nov. 19, shows the trading giant purchased about 1.15 million MARA shares, valued at roughly $13 million. BitcoinTreasuries Mara Stake Image. Source: BitcoinTreasuries.NET The move places one of the world’s largest market-making firms alongside other institutional investors using miners as a proxy for Bitcoin’s long-term trend. Marathon remains the second-largest publicly traded Bitcoin holder, and its treasury position continues to draw interest as Bitcoin’s role in broader portfolios expands. The timing also stands out. Jane Street reported the new stake while Bitcoin miners faced shifting profitability and rising competition across the sector. Even so, the firm increased its exposure, signaling that Marathon’s balance-sheet BTC and production capacity still attract institutional attention. Large Bitcoin Buyer Moves $120 Million as Market Turns Cautious A series of large transfers shows a single buyer accumulating more than $120 million in Bitcoin, even as retail traders pull back during the latest bout of market uncertainty. The transactions appeared within a few hours on Arkham, where several inflows moved from BitGo-linked addresses into one receiving wallet. Bitcoin Whale Inflows Chart. Source: Arkham / X The flow includes transfers of 320 BTC, 270 BTC, 259 BTC, 230 BTC, and 200 BTC, along with smaller entries. Each transaction ranged between $18 million and $29 million, adding up to roughly $120 million in total. The inflows all moved into the same destination address, signaling consolidation by a single entity rather than unrelated purchases. The timing adds weight to the move. While sentiment remains fragile across spot markets, the accumulation suggests at least one large buyer is increasing exposure during a period of hesitation. The pattern also mirrors earlier phases where deep-pocketed participants built positions while broader trading activity slowed. Bitcoin Bulls Defend $90,000–$92,000 Support as Trader Eyes Double Bottom Meanwhile, Bitcoin is once again holding above the key $90,000–$92,000 support band, keeping a deeper breakdown on pause for now. The latest four-hour candles show repeated wicks into that zone, with price rebounding back toward the mid-$92,000 area as buyers absorb sell orders. Bitcoin Support Zone Chart. Source: Jelle Analyst Jelle highlighted the area as a critical line where bulls “are clearly defending,” pointing to the cluster of previous reaction lows on the chart. The grey box between $90,000 and $92,000 has acted as demand multiple times this month, turning into the main short-term floor for the market. As long as candles close above this band, the current downtrend remains contained rather than turning into a steeper capitulation move. At the same time, the chart sketch outlines a possible double-bottom structure forming around this support. In that scenario, Bitcoin would retest the $90,000–$92,000 area, hold it, and then push back toward the next supply zones near $97,000–$100,000. A clean move into those upper grey bands would mark the “relief” phase Jelle mentions, undoing part of the sharp decline from above $110,000 earlier this month. However, the setup still depends on time and confirmation. Jelle notes that bulls need to keep price above support “until after the weekend” for the pattern to play out, underlining that another strong daily close below $90,000 would invalidate the double-bottom idea. In that case, the chart leaves room for a slide toward lower demand areas highlighted earlier in the year, where Bitcoin last consolidated in the $80,000s before its summer breakout. Even so, the current structure shows a clear battle zone. Buyers are defending a well-defined horizontal level, while sellers remain active after weeks of lower highs from the $120,000 region. The next decisive move will likely come from whether this $90,000–$92,000 shelf continues to hold as a base or finally breaks and turns into resistance. Coinpaper
