Form 1099-DA Rollout Reshapes Crypto Exchange Tax Reporting
2026-02-10
Cryptocurrency exchanges operating in the United States began reporting user digital asset transactions to the IRS via the newly introduced Form 1099-DA starting with the 2025 tax year, part of a broader expansion of broker reporting requirements for digital assets, according to industry coverage from CoinLedger.
The new reporting requirement means that exchanges such as Coinbase are now providing transaction-level data directly to tax authorities, a shift from prior years when comprehensive third-party reporting of crypto activity was far more limited, per CoinLedger's guidance for filers.
Because cost-basis tracking across multiple wallets and exchanges can be complex, especially for investors who have moved assets between platforms, tax preparers have emphasized the growing importance of maintaining independent, accurate records rather than relying solely on exchange-provided reports, which may not always capture the full transaction history needed to calculate gains and losses correctly.
The change adds to a broader trend of increasing formal oversight of crypto transactions, running in parallel with the GENIUS Act's stablecoin framework and the pending CLARITY Act market structure legislation, both of which include their own compliance and reporting provisions for digital asset businesses.
Related on this site: Read our full overview of crypto tax basics for US investors in 2026.