U.S. Regulations On Digital Asset Exchanges

The proposed regulations would require digital asset brokers to report new information to the IRS and a new 1099-DA form to users.

U.S. Regulations On Digital Asset Exchanges

Quick Take

  • U.S. Treasury regulations for exchanges.
  • ethOS sells out pre-orders for its Ethereum Phone.
  • Flashbots publishes a transparency report.
  • Noir is now supported on VS Code.

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U.S. Regulations On Digital Asset Exchanges

The U.S. Department of the Treasury and IRS released proposed regulations for digital asset brokers, which includes crypto exchanges. The proposed regulations would require digital asset brokers to report new information to the IRS and provide users with a new form, called 1099-DA, outlining taxes due to the government. The proposed regulations are part of the Biden-Harris Administration’s implementation of the Infrastructure Investment and Jobs Act (IIJA). If passed, brokers would be required to report information as soon as 2026 for exchange sales in 2025. The agency seeks to extract $28 billion over 10 years in new tax revenue from digital asset users.

Ethereum Phone Features Nimbus Light Client

ethOS, an Ethereum-native mobile operating system, sold out over 48 pre-ordered editions of its first Ethereum Phone. ethOS will accept regular orders after it ships out the pre-ordered devices in Fall 2023. ethOS sold the pre-orders as NFTs for 0.39 ETH. The NFTs can be redeemable for a Pixel 7a with ethOS 2.0 installed. ethOS is built on a popular fork of Android called LineageOS. The operating system features a native Nimbus light client enabling users to run a local node. According to the project, each ethOS device will improve the decentralization of Ethereum itself. ethOS also supports IPFS and .eth domains in its native browser.

Flashbots Q3 Transparency Report

Flashbots published a transparency report covering the project’s latest developments. Last month, Flshbots released SUAVE Centauri, an update to its software that introduces MEVM and a privacy-aware orderflow auction. The project also open-sourced its suave-geth client and its MEV-Share Node implementation. Flashbots Protect, an MEV-protecting RPC, was also upgraded to support orderflow sharing, helping speed up private transactions. Flashbots also published a proposal for the PBS Guild, aiming to support the research, development, and operations of PBS on Ethereum.

Noir VS Code Extension

Noir, a native ZK programming language, is now supported on Microsoft's VS Code editor. Developers now install a VS Code extension for noir-lang. The extension supports syntax highlights, code error messages, and code templates. Noir is a Rust-based high-level language for writing zero-knowledge proofs.