Consequences for failing to pay tax on crypto transactions include being charged with perjury. Mailing is expected to be completed by the end of August and should be taken “very seriously,” according to Chuck Rettig, IRS commissioner. (Wall Street Journal)

Talking point: The IRS’s letters come after 21 U.S. lawmakers called for it to clarify what taxpayers are required to report on their crypto holdings in April. The agency has also launched an international effort in 2018 to investigate crypto-related tax crime that includes Canada. In May, my colleague Murad reported that the Canada Revenue Agency (CRA) had hired Chainalysis, a U.S. blockchain investigator to help it decide which crypto-holding taxpayers to audit. In March, the CRA sent questionnaires to people it was investigating, asking them to detail how and when they had purchased tokens, as well as the income they had received from their transactions.