The US Treasury Department has proposed a new rule that would require cryptocurrency brokers, including exchanges and payment processors, to report users’ sales and exchanges of digital assets to the Internal Revenue Service (IRS). The rule aims to crack down on crypto users who may be evading taxes. A new tax reporting form called Form 1099-DA would be introduced to help taxpayers determine if they owe taxes and simplify the calculation of gains for crypto users. The rule would subject digital asset brokers to the same information reporting rules as brokers for other financial instruments. The definition of a “broker” would include both centralized and decentralized digital asset trading platforms, crypto payment processors, and certain online wallets. The proposed rules are part of the broader effort to address tax evasion risks and close the tax gap. The public has until October 30 to provide feedback on the proposal, and public hearings will be held on November 7-8.