Yahoo Crypto Market • Appeared October 7th 2026 8:56 am
The Government Just Dropped Its Plan to Track Your Crypto Wallet. Here’s What Changes
Washington just pulled back two rules that would have put your self-custody crypto under a surveillance microscope, but the IRS never needed those rules to hand you a surprise tax bill. One missing receipt can flip a $39,000 loss into a six-figure taxable gain.
Our Summary:The US government has withdrawn two proposals to track cryptocurrency transactions, but tax obligations through Form 1099-DA remain unchanged. This means that individuals who hold cryptocurrency in self-custody wallets may be at risk of missing tax payments due to lack of records, despite the IRS's reporting system expanding. Cryptocurrency gains remain taxable, and the IRS's rules for decentralized brokers are expected to be introduced separately.
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