The IRS has modernized crypto tax reporting with the introduction of Form 1099-DA, marking a significant shift in how digital asset transactions are tracked and reported. The new requirements represent the first comprehensive broker-dealer reporting regime for cryptocurrency transactions, aimed at strengthening tax compliance and reducing the burden on individual taxpayers. However, gaps remain in the reporting framework, particularly for stablecoins and DeFi transactions, meaning taxpayers continue to bear primary responsibility for tracking cost basis and reporting taxable events. The 2026 implementation will serve as the first real test of whether the new reporting system provides adequate broker-taxpayer reconciliation.