While they hold much potential to change accounting, thought leaders say the technology is still immature.

The Treasury developed the framework with other federal agencies in response to an executive order from President Biden, even as lawmakers have proposed their own industry-friendly legislation.

The requirement, buried in the $1 trillion infrastructure law passed last year, mirrors one for brokerages and has flown under the radar.

Two U.S. states are steaming ahead with programs that will permit taxes to be paid in cryptocurrency, but the idea has been shelved almost everywhere else.

The Treasury and the IRS are likely to push off a January date for firms to begin tracking data such as customers’ capital gains and losses.

A recent report suggests that, should the government invest more in compliance, could mean billions more in tax dollars collected.

Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with U.S. regulators, adding to the pile of challenges facing the industry.

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The legislation is one of the most ambitious attempts to regulate the volatile asset class.