'Third leg of the stool:' House lawmakers set to debate crypto tax bills as questions still loom - The Block
House lawmakers are set to debate crypto tax bills, including the 1099-DA reporting requirement for brokers, cost basis rules, and DeFi reporting. The outcome could impose new compliance obligations on crypto exchanges, DeFi protocols, and accounting firms.
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, DeFi protocols, accounting firms, high-volume traders should confirm how it applies to their specific situation before acting. There is a time constraint attached: Before final bill passage (expected within months); compliance deadlines may follow in 2025-2026.. 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
Potential new legislation requiring brokers to report digital asset transactions on Form 1099-DA, expanded definition of brokers to include DeFi platforms, and new cost basis reporting rules.
Who it affects
Crypto exchanges/brokers, DeFi protocols, accounting firms, high-volume traders
What you must do
Monitor legislative developments and prepare systems for 1099-DA reporting; assess if your platform qualifies as a broker under proposed rules.
Deadline
Before final bill passage (expected within months); compliance deadlines may follow in 2025-2026.
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