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New Tax Reporting Rules for Cryptocurrencies and Digital Assets

This act amends tax laws to clarify the definitions of "broker" and "digital assets" for tax reporting purposes. It means that individuals and companies facilitating cryptocurrency transfers will have new reporting obligations, potentially affecting how gains from digital assets are accounted for.
Key points
Expands the definition of "broker" to include persons regularly facilitating digital asset transfers on behalf of others.
Introduces a definition of "digital asset" as a digital representation of value recorded on a cryptographically secured distributed ledger.
New reporting requirements for brokers regarding transfers of digital assets not part of a sale or exchange.
Changes apply to returns required to be filed after December 31, 2023.
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Expired
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Additional Information
Print number: 117_HR_5082
Sponsor: Rep. Soto, Darren [D-FL-9]
Process start date: 2021-08-23
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Cryptocurrency Tax Clarity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5082.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-08-23.

What are the main provisions?

Key points include:

  • Expands the definition of "broker" to include persons regularly facilitating digital asset transfers on behalf of others.
  • Introduces a definition of "digital asset" as a digital representation of value recorded on a cryptographically secured distributed ledger.
  • New reporting requirements for brokers regarding transfers of digital assets not part of a sale or exchange.
  • Changes apply to returns required to be filed after December 31, 2023.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Soto, Darren [D-FL-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy