A survey of 1,000 U.S. cryptocurrency holders revealed that over 50% of investors are concerned about potential IRS penalties due to new transparency rules implemented this year. Under the new rules, cryptocurrency exchanges like Coinbase must file Form 1099-DA with the IRS, reporting all sales and exchanges of digital assets during 2025. Andrew Duca, founder of Awaken Tax, stated that exchanges can only provide sales revenue information and cannot report the acquisition cost and tax basis of assets. Cryptocurrency holders will need to supplement the missing acquisition cost and actual tax basis themselves using the updated Form 8949. Currently, the cryptocurrency tax compliance rate is below 20%, and the new rules aim to increase that rate.