House Ways & Means Committee Releases Draft Crypto Tax Legislation - Steptoe
House Ways & Means Committee releases draft crypto tax legislation, including broker reporting, 1099-DA, 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: Comment period likely 30-60 days; legislation may advance in 2025.. 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
Draft legislation proposes new reporting requirements (1099-DA), wash sale rules for digital assets, and expanded broker definition covering DeFi.
Who it affects
Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders
What you must do
Review draft, assess impact on reporting systems and tax positions, and prepare comments or compliance adjustments.
Deadline
Comment period likely 30-60 days; legislation may advance in 2025.
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