The Internal Revenue Service (IRS) has been expanding the scope of cryptocurrency monitoring since 2017, moving from targeted investigations to near-real-time blockchain tracking.
According to tax lawyer David Klasing, the IRS seized $3.50 billion worth of cryptocurrency in 2021 through a "John Doe subpoena" to obtain user data from multiple exchanges, including Coinbase and Kraken, accounting for 93% of the total assets seized that year.
The Ministry of Finance's Tax Administration's (TIGTA) 2024 report shows that 75% of cryptocurrency users identified through exchange data have potential tax non-compliance. The IRS opened 216 reviews in 2023 and sent nearly 15,000 "soft letter" reminders to users. The new 1099-DA reporting system will be implemented in 2025, requiring reporting of disposal gains, with additional basic information declarations from 2026.
Privacy advocates lost a Supreme Court case in July challenging the legality of the IRS subpoena to obtain Coinbase data. While the Trump administration removed DeFi broker reporting rules, centralized exchanges remain subject to full reporting obligations.
The IRS expands the scope of cryptocurrency surveillance, moving from targeted investigations to near-real-time blockchain tracking
2025-09-14 15:34:51
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