Do US crypto exchanges report to IRS?

I'm a bit confused about the tax regulations surrounding cryptocurrency transactions in the United States. Do crypto exchanges in the US have to report transactions to the Internal Revenue Service (IRS)?" "I understand that cryptocurrencies are a relatively new asset class and the tax laws surrounding them can be complex. I'm trying to ensure that I'm compliant with all relevant regulations, but I'm having a hard time finding clear answers." "Could you please explain how crypto exchanges in the US are required to report transactions to the IRS? Are there any specific forms or reporting requirements that they need to follow?" "Additionally, are there any penalties or consequences for crypto exchanges that fail to report transactions to the IRS? I'd appreciate any information you can provide to help me understand the tax implications of my cryptocurrency activities." Thank you for your time and assistance. I really appreciate it.