The US Treasury and IRS have issued a series of notices aimed at addressing tax-avoiding investment strategies employed by Wall Street, particularly regarding exchange-traded funds (ETFs). The initiatives include targeted scrutiny of in-kind redemptions and prearranged ETF conversions, which have been flagged as significant tax dodging strategies. Notably, a new IRS revenue ruling raises concerns about the safety of dividends related to ETF taxation. As regulatory scrutiny increases, the IRS is also broadening its focus to potentially include cryptocurrency ETFs. With these developments, both agencies are stepping up their efforts to crack down on various forms of tax avoidance in the investment sector.