The Internal Revenue Service (IRS) has postponed the implementation of new crypto cost-basis reporting rules, now set to take effect on December 31, 2026, providing brokers with additional time to comply with the complex regulations.

Initially scheduled for late 2024, this delay follows requests from brokers and platforms for more time to adapt, offering temporary relief to crypto investors who were scrambling to meet the original deadline.

In a recent episode of the Thinking Crypto podcast, host Tony Edward discussed this regulatory update and highlighted BlackRock’s significant move into the crypto space.

The asset management giant has received approval for its tokenized money market fund, BUIDL, to back Frax Finance’s USD stablecoin (FRX USD).

This stablecoin combines blockchain technology with the stability of BlackRock’s prime treasury assets, including cash and U.S. Treasury bills, showcasing the growing acceptance of tokenized finance among major financial institutions.

Edward also noted signs of recovery in the crypto market, with Bitcoin showing modest gains and altcoins like XRP, Solana, and Cardano experiencing notable increases.

However, he cautioned that the market remains in a consolidation phase, with potential risks ahead before a sustained rally can occur.

Additionally, Tether’s USDT has faced a significant market cap decline, attributed to new European regulations, although it continues to lead as the top stablecoin issuer. Analysts predict rising competition from alternatives like USDC and FRX USD in the coming years.