The US government could not meet the initial plan on releasing guidelines on third-party reporting of digital currency transactions, as preparations are yet to be completed. The initial release date which was slated for June 2020, has been postponed due to the inability of the government to provide concrete regulations.
The present rule states that all brokers must revert to the Secretary with information showing every customer's name and address, with details regarding gross proceeds and other information.
According to Nijenhuis, the new regulation will be focused around section 6045 stated above, because of the impact of the US exchanges and business on taxpayers' digital currency trade. Several financial institutions have made their concerns known, that Internal Revenue Code would have been better if it explicitly states if an asset is a commodity or security. Section 6045 does not mention Cryptocurrencies at all, but securities and commodities. So the big question needed to be answered is whether digital currencies are commodities and how the section relates and applies to cryptocurrencies.
The initial deadline for the release of the new regulation has passed, and given how things have unravelled this year, predictions can't be made on the new date.
Source: Cryptopotato
