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first_img The Internal Revenue Service (IRS) of the United States plans to reform the voluntary disclosure program, reduce tax penalties, and expedite processing

According to a report by Forbes on Friday, the Internal Revenue Service (IRS) is preparing to reform its voluntary disclosure program, planning to reduce penalties and expedite the processing of tax violation cases, including those involving cryptocurrency.Jarod Koopman, head of the IRS Criminal Investigation Division, stated that the agency aims to launch the revised program before December and to close cases within 120 days after taxpayers complete the required submission process. He noted that the new plan will not establish a separate disclosure channel for digital assets but will apply the same voluntary disclosure procedures to other forms of tax noncompliance. Koopman also mentioned that the penalties under the revised program will be significantly lower than current levels, although he did not provide specific amounts. The IRS is considering allowing taxpayers to settle debts through installment payments or settlement offers.According to Forbes, the current program often takes a year or longer to complete and primarily targets taxpayers who intentionally fail to comply with tax laws and may face criminal prosecution, rather than those who make reporting errors due to negligence. Meanwhile, legislative efforts are advancing another voluntary disclosure program aimed at cryptocurrency taxpayers. Section 502 of the Digital Asset Taxation Certainty Act will establish a correction process with clear penalty standards for past violations, and the bill was passed by the House Ways and Means Committee in September.

first_img Utexo opens Utexo Mint early access, USDT will launch on November 28 on Bitcoin

The Bitcoin ecosystem USDT issuer Utexo announced the early access to Utexo Mint, aimed at professional operators ready to support and provide USDT on Bitcoin, with the public launch scheduled for November 28. Utexo stated that existing partners are preparing for the launch, and it is currently open for access to exchanges, wallets, market makers, OTC desks, trading companies, and other professional operators interested in supporting USDT on Bitcoin.Utexo Mint is a dedicated platform for verified operators to mint and redeem USDT on Bitcoin. In the sandbox environment, operators can test the operation of USDT based on RGB, including minting, confidential transfers, and redemptions, to validate transaction processes and complete integration before the launch. Utexo will also provide tools for managing USDT liquidity across supported networks and for fiat to USDT exchanges. Utexo Mint is not owned or operated by Tether, and USDT on Bitcoin is supported by USDT through Tether's USDT0 protocol.USDT was first launched on Bitcoin in 2014, and this return will bring stablecoin liquidity to the ecosystem and expand scenarios such as trading and BTC collateralized lending. Utexo stated that USDT on Bitcoin is launched by Utexo rather than Tether, designed with privacy features, and USDT on RGB avoids address reuse. In terms of compliance, Utexo claims it will monitor all sourced USDT, check AML scores, and monitor RGB-side risks, while collaborating with Crystal Intelligence for AML efforts. The launch will occur in two phases: on November 28, USDT will be publicly available on the Bitcoin network through RGB, accessible via partner wallets and exchanges; the second phase is planned for the first quarter of 2027 to expand USDT to the Lightning Network for payments.
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