U.S. Crypto Holders Reported Only 32% to 56% of Trades to Federal Government, Study Estimates

A March research report in the academic journal Review of Accounting Studies estimated that only 32% to 56% of U.S. cryptocurrency holders reported transactions to the federal government. According to Odaily, the IRS will require brokers to send investors Form 1099-DA starting with the 2025 tax year, listing their gross proceeds from digital assets. Accountants said determining taxes on digital asset transactions has historically been complicated and is often more difficult than calculating taxes on traditional financial assets such as stocks and bonds.