Ultimately, crypto taxing could be part of the business, H&R Block CEO Jeff Jones added.

As the debate surrounding crypto regulations heats up, tax professionals are taking a more cautious approach to deal with Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>BTC) and other earnings. The United States-based tax preparation service company H&R Block is looking for more precise regulations before handling their customers’ crypto holdings.

Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones called crypto an interesting thing in terms of taxation:

“Because it’s not federally regulated, it’s really not a place we weigh in with consumers much.”

While the current regulatory state of crypto is muggy, Jones doesn’t expect a total crypto ban and expects crypto taxing to be a part of their business in the future:

“Ultimately, we think it could be a place we help customers. But today, it’s not a place where we do a lot of business.”

American regulatory bodies are cryptoprimacy.com/news/crypto-crash-has-legislators-considering-new-regulations-to-protect-consumers” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/crypto-crash-has-legislators-considering-new-regulations-to-protect-consumers/amp”>rapidly working to figure out how to deal with cryptocurrency. Last week’s market crash which saw about a 50% plunge on most coins seems to speed up the process.

Avanti Financial CEO Caitlin Long said a regulatory crackdown regarding crypto in the U.S. has begun. She took an optimistic stance on the regulatory work, claiming that cryptoprimacy.com/news/crypto-regulatory-crackdown-is-starting-but-it-ll-be-ok-says-avanti-ceo” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/crypto-regulatory-crackdown-is-starting-but-it-ll-be-ok-says-avanti-ceo/amp”>it won’t end up in a “Bitcoin ban.”

cryptoprimacy.com/news/more-irs-summonses-for-crypto-exchange-account-holders” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/more-irs-summonses-for-crypto-exchange-account-holders/amp”>Tax lawyer Robert W. Wood summarized that “the IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its latest Hidden Treasure initiative.”

The U.S. Department of Treasury recently released a report about tax proposals for President Joe Biden’s American Families Plan. The report proposes that crypto exchanges and custodians should inform the Internal Revenue Service about any cryptoprimacy.com/news/us-treasury-proposes-crypto-transactions-over-10k-be-reported-to-irs” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/us-treasury-proposes-crypto-transactions-over-10k-be-reported-to-irs/amp”>crypto transactions greater than $10,000.