In August, the Internal Revenue Service and the Treasury Department proposed regulations expanding the scope of the tax reporting requirements for brokers to apply to sales of digital assets, including cryptocurrency. The proposed regulations include an expansive definition of “broker” that covers a wide range of entities, including DeFi platforms, and a similarly broad definition of “digital asset.” Our client update explores the potential impact on participants in digital asset markets.

Read the full update

Law clerk Jeff Metzger contributed to this update.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.