"Crypto Transactions
Starting in tax year 2025, the U.S. Department of the Treasury will require crypto exchanges like Coinbase to show the gross proceeds from transactions. Then, the following year in 2026, they're going to require the exchanges to report cost basis along with the proceeds- just like all the other brokers. I know for some crypto traders, this has been a benefit and a way to avoid taxes, but the Treasury is going to be clamping down, and it will be much harder to avoid paying taxes on crypto transactions."
Reference: Brent Wilsey, Wilsey Asset Management