According to Decrypt, the U.S. Internal Revenue Service (IRS) and the Treasury Department clarified in a joint statement on Tuesday that new regulations requiring Americans to report immediately after receiving cryptocurrency transactions exceeding $10,000 have not yet been implemented, and said that they will not be implemented for some time to come. The statement stated that this regulation requires the Treasury Department and the IRS to issue relevant regulations before it can take effect. Although this regulation should theoretically take effect from this year, after a long process of public comment and review, the implementation time may be delayed for several years. However, there are still questions about who exactly this regulation covers. The details of the regulation stipulate that any American who receives more than $10,000 in cryptocurrency in the course of "trade or business" must report the identity information of the person who paid the money. The same regulations have long been implemented for cash transactions.