Businesses in the United States won’t have to report cryptocurrency transactions exceeding $10,000 to the Internal Revenue Service (IRS), at least until the tax agency releases a regulatory framework.

Prominent Bitcoin mining firm Core Scientific has successfully navigated crypto winter and received the green light for its Chapter 11 reorganization plans from the Southern District of Texas bankruptcy court.

ProShares has submitted prospectus materials for a series of five new Bitcoin exchange-traded funds (ETFs) offering leveraged and inverse exposure to the price of BTC.

Top stories in the Crypto Roundup today:

• IRS Delays Businesses’ Crypto Transactions Reporting Rule
• Bitcoin Miner Core Scientific Emerges from Bankruptcy
• ProShares Files for Five New Bitcoin ETFs with Leverage and Inverse Options

IRS Delays Businesses’ Crypto Transactions Reporting Rule

Businesses in the United States won’t have to report cryptocurrency transactions exceeding $10,000 to the Internal Revenue Service (IRS), at least until the tax agency releases a regulatory framework.

This comes as the IRS, along with the U.S. Treasury Department, revised the Infrastructure Investment and Jobs Act (IIJ Act). The law originally required businesses to report crypto transactions above $10,000, but the regulator isn’t enforcing the rule for the time being

“At this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) meets the reporting threshold.”

The rule faced criticism from the cryptocurrency community, with Coin Center’s executive director Jerry Brito expressing concerns about the practical challenges of complying with the reporting requirements without further guidance.

The IRS and the Treasury plan to propose new regulations for reporting digital asset transactions, but they have not announced a timeline for this introduction.

Bitcoin Miner Core Scientific Emerges from Bankruptcy

Prominent Bitcoin mining firm Core Scientific has successfully navigated crypto winter and received the green light for its Chapter 11 reorganization plans from the Southern District of Texas bankruptcy court.

The mining firm is now expected to re-list its shares on the Nasdaq by the end of the month after a significant turnaround. Core Scientific is set to fully settle its existing debts, and current shareholders are set to receive approximately 60% equity in the newly restructured company.

The approval follows the completion of a substantial $55 million equity rights offering earlier in the month, marking one of the final steps in the company's reorganization journey.

During the 2021 bitcoin boom, Core Scientific was the largest publicly traded bitcoin miner in terms of computing power, boasting 143,000 mining rigs. As the price of Bitcoin plunged to around $16,000, the firm ended up filing for Chapter 11 bankruptcy protection in December 2022.

As renewed interest in the cryptocurrency space has seen the price of Bitcoin surge amid the launch of spot Bitcoin exchange-traded funds (ETFs) in the US, the firm is making a comeback and expects nearly $1 billion in annual revenue by 2027.

ProShares Files for Five New Bitcoin ETFs with Leverage and Inverse Options

ProShares has submitted prospectus materials for a series of five new Bitcoin exchange-traded funds (ETFs) offering leveraged and inverse exposure to the price of BTC.

The lineup includes the ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF, and ProShares ShortPlus Bitcoin ETF.

ProShares clarified in their filing that two of these funds will not directly invest in Bitcoin, while three won't engage in direct short-selling of Bitcoin.

The New York Stock Exchange also submitted a 19b-4 form to enable the trading of options linked to “Commodity-Based Trust Shares.”. According to Bloomberg Intelligence’s senior ETF analyst Eric Balchunas, this is a step toward offering options on spot bitcoin ETFs.

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