What Is the New Broker Dealer Rule — and How Will It Affect Crypto Taxes in 2025?

The IRS has activated a sweeping new rule for crypto exchanges, which changes how trades are reported.

In this video, tax expert Clinton Donnelly breaks down the IRS’s new Broker Dealer regulations, including the 1099-DA tax form that all major crypto platforms—Coinbase, Kraken, Robinhood, Uphold, Gemini, and others—must now issue.

These changes affect:
- Wallet address tracking and on-chain transfer reporting
- Buy/sell history and cost basis disclosures
- Centralized and decentralized platform responsibilities

You’ll also hear how Congress overruled the IRS’s DeFi expansion attempt—a rare and historic pushback on crypto regulation.

📌 Topics covered:
• What the 1099-DA reports (vs 1099-B)
• Why trading across exchanges could break IRS tracking
• The IRS’s wallet monitoring expansion
• DeFi rule overreach and how it got repealed
• What this means for crypto tax reporting in 2025

👉 Want help filing crypto taxes or decoding your exchange reports? Visit https://www.CryptoTaxAudit.com — home of the world’s leading crypto tax experts.

🔔 Like, comment, and subscribe to stay ahead of IRS rule changes and protect yourself from crypto audit risks.

Timestamps:
00:00 – What Are the IRS Broker-Dealer Rules for Crypto?
00:16 – Which Exchanges Must Comply (Coinbase, Kraken, Robinhood)
00:27 – KYC and Cost Basis: What Exchanges Must Track
00:37 – What Is the 1099-DA? How It Works for Crypto
00:52 – Example: How 1099-DA Compares to a 1099-B
01:10 – The Catch: When You Move Crypto Between Exchanges or Wallets
01:24 – IRS to Track Wallet Transfers and Off-Exchange Activity
01:42 – What Data Will Be Reported to the IRS (Addresses, Assets, Timing)
02:02 – Timeline: When the Broker Rules Went Live (September 2024)
02:16 – IRS Tried to Expand Rules to DeFi (and Got Blocked)
02:26 – Ted Cruz’s Senate Pushback Against IRS Overreach
02:37 – Congress Rescinds IRS DeFi Rules – A Historic First
03:00 – Why This Reversal Matters for Future Crypto Regulation
03:22 – What Comes Next for IRS Crypto Rules in 2025
03:34 – Questions? Comment Below and Subscribe for More

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📜 Disclaimer
The content in this video is for educational and entertainment purposes only. While we aim to provide accurate and up-to-date information about cryptocurrency taxation, this is not intended as legal, tax, or financial advice. Always consult with a qualified tax professional to ensure compliance with IRS regulations and accurate reporting of your cryptocurrency transactions.

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