Starting in 2026, U.S. cryptocurrency holders will need to report transactions on a wallet-by-wallet basis, according to IRS Revenue Procedure 2024-28. This new requirement, highlighted by Bill Hughes of Consensys, will complicate tax filings for users with multiple wallets, as they must track cost basis and maintain detailed records for each wallet. Hughes expressed concerns that the increased complexity could lead to inaccurate tax returns and potential sanctions. He advised crypto users to seek professional assistance to ensure compliance with the new regulations.