Congress introduces bills to overhaul digital asset tax rules - Accounting Today
Congress introduces bills to overhaul digital asset tax rules, including new reporting requirements for brokers, DeFi protocols, and changes to cost basis and wash sale rules.
Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 6, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders should confirm how it applies to their specific situation before acting. There is a time constraint attached: Legislation is pending; monitor progress and prepare for potential enactment within 6-12 months.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Crypto & DeFi Tax Reporting continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Proposed legislation introduces new tax reporting obligations (e.g., 1099-DA), expands broker definition to include DeFi protocols, modifies cost basis methods, and closes wash sale loophole for digital assets.
Who it affects
Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders
What you must do
Review current tax compliance processes and prepare for expanded reporting requirements; assess impact on cost basis calculations and wash sale treatment.
Deadline
Legislation is pending; monitor progress and prepare for potential enactment within 6-12 months.
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