In the United States, the Internal Revenue Service recently proposed an important measure to speed up the implementation of new tax regulations and force exchanges to disclose customer information. This measure has attracted widespread attention and involves multiple issues such as taxation and privacy protection. Next, we will explore this issue in depth and analyze and think about it from different angles.

First, let's take a look at the specific content of this new regulation. According to information revealed by US senators, the Internal Revenue Service plans to speed up the implementation of new tax regulations to strengthen the supervision and taxation of taxpayers. This measure will include forcing exchanges to disclose relevant information about customers to tax authorities in order to better verify tax returns. This means that exchanges will inevitably be involved in stricter supervision of tax collection and management.

As for the motivation behind this move by the National Tax Service, some people believe that it is to deal with loopholes and illegal acts in tax collection and management. In the past, some taxpayers may have evaded tax responsibilities by concealing exchange account information, resulting in a further widening of the tax gap. Therefore, strengthening the supervision and information disclosure of exchanges will help improve the efficiency and fairness of tax collection and management and reduce the occurrence of tax evasion.

However, this move has also caused some controversy and concerns. Some people worry that the strengthening of tax regulations will infringe on personal privacy rights, and believe that excessive information disclosure may lead to the leakage and abuse of personal information. In particular, the disclosure of customer information of exchanges may cause disputes over privacy protection. How to protect taxpayers' privacy rights while strengthening tax collection and management has become a difficult problem on the table.

From international experience, some countries have implemented similar tax regulations, such as Canada and Australia. These countries have effectively improved the efficiency and transparency of tax collection and management by strengthening supervision of financial institutions and exchanges. However, this also requires balancing the relationship between tax collection and management and personal privacy protection when formulating policies to ensure the rationality and operability of policies.

In general, the State Administration of Taxation's move to accelerate the implementation of new tax regulations and force exchanges to disclose customer information is to improve the efficiency and fairness of tax collection and management and reduce the occurrence of tax evasion. However, when implementing this policy, it is necessary to fully consider the importance of personal privacy protection and seek a balance between tax collection and management and privacy protection. Only under the premise of a sound legal framework and reasonable policies can tax collection and management better serve social and economic development and public interests.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120Btc.com) News: The U.S. Internal Revenue Service and the Treasury Department issued proposed regulations in August this year, requiring cryptocurrency brokers and exchanges to report digital asset sales and transaction data to the government starting in 2026 to combat tax fraud. The regulations are open for public comments and feedback before October 30.

However, according to Bloomberg, since the implementation date of the regulations is two years later than originally planned, Elizabeth Warren, Angus King, Richard Blumenthal, Gary C. Peters, Bernie Sanders, Sheldon Whitehouse, Brian Schatz and other senators jointly wrote to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel on Tuesday, pointing out: We are shocked by the two-year self-delay in the implementation of this rule, which will cause the United States to miss billions of dollars in tax revenue. We urge your agency to limit this delay and implement the final regulations as soon as possible, while maintaining the substantive content of the regulations in the face of industry attacks.

Elizabeth Warren also said on the X platform that cryptocurrency has become a financial tool for funding the Palestinian militant group Hamas, which should sound the alarm for lawmakers and regulators.

The U.S. Treasury Department said the delay gave brokers more time to adapt to the rules, which have not yet been finalized. U.S. Treasury spokesman Chris
Hayden mentioned that the Department of Justice has been working hard to implement the 2021 law and proposed regulations, and the Internal Revenue Service under the Treasury Department will carefully consider all opinions related to these regulations.

Once the rules are implemented, the Treasury Department and the Internal Revenue Service will help individuals file taxes and make it easier to combat tax fraud. These senators all agreed on the substance of these regulations, which have been criticized by the crypto industry.

A hearing will be held next month

Patrick Mchenry, chairman of the House Financial Services Committee, a Republican who is friendly to cryptocurrencies, and Lawrence
Zlatkin, vice president of taxation at Coinbase, questioned the feasibility of the relevant regulations in August this year, believing that the proposed regulations "go far beyond the scope of tracking the tax evasion of the rich."

So far, the IRS and the Treasury Department have received more than 90 public comments on the regulation, and the U.S. government has scheduled a public hearing on November 7. If a large number of people request to speak, a second hearing will be held the next day.