THE STREET · 2026-11-09 18:36 UTC

Ripple veteran says he threw IRS letter in trash

David Schwartz, Ripple Labs CTO Emeritus, said he threw an IRS letter 6174 in the trash, calling it 'just a reminder to follow the law'. Crypto tax expert Clinton Donnelly said the IRS is dramatically increasing letter 6174 mailings to crypto traders, which he described as a compliance campaign rather than an audit. Schwartz said he sold about 2.5 million XRP in 2025 and paid roughly $1.7 million in capital gains tax, and that he has sold nearly all his digital asset holdings.

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