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New Tax Reporting Rules for Cryptocurrencies and Digital Assets

This act changes tax rules for digital assets like cryptocurrencies. It broadens the definition of who must report transactions to the tax authorities to include platforms that facilitate digital asset transfers. This means some of your cryptocurrency operations might be reported to tax authorities starting in 2024.
Key points
Platforms and services that help you transfer digital assets (like cryptocurrencies) may now be considered entities required to report tax information.
Digital assets are treated like specified securities for tax reporting purposes.
These entities will need to report certain transfers of digital assets, even if they are not sales, for transactions occurring after December 31, 2023.
The act clarifies that people solely validating transactions, selling private key software, or developing digital protocols (without serving customers) are generally not included in the new reporting entity definition.
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Additional Information
Print number: 117_HR_5083
Sponsor: Rep. Soto, Darren [D-FL-9]
Process start date: 2021-08-23
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Cryptocurrency Tax Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5083.

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:

  • Platforms and services that help you transfer digital assets (like cryptocurrencies) may now be considered entities required to report tax information.
  • Digital assets are treated like specified securities for tax reporting purposes.
  • These entities will need to report certain transfers of digital assets, even if they are not sales, for transactions occurring after December 31, 2023.
  • The act clarifies that people solely validating transactions, selling private key software, or developing digital protocols (without serving customers) are generally not included in the new reporting entity definition.
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 2025-12-28.

CATEGORIES

Taxes