The Wall Street Blockchain Alliance recently hosted an insightful global webinar titled "Understanding the New Digital Asset Broker Reporting Rules." This special event addressed the complexities and implications of the new reporting regime established as part of the 2021 Infrastructure and Jobs Act, targeting brokers of digital assets.
Watch the webinar below:
With the U.S. Congress introducing expansive new regulations, professionals in the digital asset space need to be well-versed in the latest Treasury Department rulings and the broader tax and compliance requirements. This session provided valuable guidance on topics essential to brokers of digital assets, including:
- Basis Reporting & Specific Identification: How brokers can ensure accurate reporting of a customer’s cost basis for tax purposes.
- Backup Withholding: The implications of transitional filing relief and backup withholding obligations for brokers.
- Dual Classification Assets: Understanding the complexities around assets classified under multiple categories and how that affects reporting.
- Real Estate & Digital Asset Purchases: What brokers need to know about transactions involving real estate purchases using digital assets.
- Multiple Brokers, NFTs, & Stablecoins: Special rules and considerations for these unique assets, offering clarification around the regulatory treatment.
The session focused on the July 2025 Treasury Department regulatory updates, with the goal of demystifying the intricate rules surrounding digital asset exchanges and other brokers. Panelists discussed the critical need for professionals working with digital asset exchanges, or firms that could be classified as brokers, to stay ahead of these regulatory changes.
Key Takeaways from the Panelists
- Jessalyn Dean – VP of Tax Information Reporting at Ledgible – highlighted the importance of basis reporting and how brokers can effectively manage their tax obligations by leveraging technology. She emphasized that Ledgible’s platform plays a key role in helping brokers and exchanges meet their reporting requirements efficiently.
- Mark DiMichael – Partner at Citrin Cooperman Advisors LLC – provided expert insights into the dual classification of assets and how these rulings may impact companies engaged in real estate transactions using digital assets, as well as the special rules governing stablecoins and NFTs.
Why This Webinar Matters
As the Treasury Department continues to define and refine broker reporting rules for digital assets, staying informed is essential for tax professionals, brokers, and companies operating in this rapidly evolving space. With July 2025 fast approaching, the panelists reinforced the importance of preparing now, understanding how exceptions and exemptions may apply, and navigating the complexities of reporting to avoid costly penalties.
The Wall Street Blockchain Alliance is committed to educating professionals on these critical regulatory updates, ensuring the digital asset space continues to operate with clarity and compliance.
