IRS sends out letters to crypto holders to file amends.

The US Internal Revenue Service has sent out letters to the US crypto users who they suspect did not file tax returns correctly. A copy of the letter, dated August 14, was published by CoinTracker, software that helps crypto traders prepare their taxes. “We have information that you have or had one or more accounts containing cryptocurrency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies,” the letter reads.

The IRS instructs crypto holders to file amends.

The IRS letter instructs people to “file amended returns or delinquent returns” if they’ve not filed their crypto taxes correctly. The IRS warned that those who fail to accurately report crypto transactions “may be subject to future civil and criminal enforcement activity.” The IRS sent out three types of letters to crypto holders; the first two, “Letter 6171 and 6174-A, are less severe educational letters,” tweeted Shehan Chandrasekera, CoinTracker’s head of tax and strategy. “If you believe you filed your crypto taxes right, no action is needed,” the IRS wrote in the letter. “If you missed any crypto portion when you filed or you didn’t file a return, you must amend or file a new return,” the letter read. The third letter is more serious and requires a response.

The US CFTC plans to develop a holistic framework for crypto.

The US Commodity Futures Trading Commission had earlier unveiled its strategic plan for the years 2020-2024. The US regulator plans on developing a comprehensive regulatory framework for the digital currency industry, among other goals. The US CFTC Chairman Heath Tarbert noted that remarking that this is a bipartisan, consensus plan that can stand the test of time. The framework will guide the last of the regulator’s unfinished business to completion and better position the agency to tackle the unwritten future.