A quick review of the Ways and Means tax bills: State of Crypto - CoinDesk
The Ways and Means tax bills propose new crypto tax reporting requirements, including 1099-DA forms, wash sale rules, and broker reporting for DeFi. This impacts exchanges, accounting firms, and high-volume traders.
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: Likely effective for tax year 2025 (if passed), but some provisions may be retroactive. Immediate review needed.. 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
New reporting obligations: 1099-DA for digital asset transactions, wash sale rules applied to crypto, broker reporting expanded to DeFi, and potential changes to cost basis and staking rewards treatment.
Who it affects
Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders
What you must do
Review and update tax reporting systems to comply with new 1099-DA requirements, adjust cost basis methods, and prepare for wash sale rules on crypto.
Deadline
Likely effective for tax year 2025 (if passed), but some provisions may be retroactive. Immediate review needed.
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