Richmond Journal of Law and Technology

The first exclusively online law review.

Tag: cryptocurrency

The Genius Act and The Rise of Federally Regulated Cryptocurrency

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On October 6, 2025

In Blog Posts

The Genius Act and The Rise of Federally Regulated Cryptocurrency

By: Kira Johnson

I.           Overview

On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act (the “Act”), into law.[1] Now, federal and state regulators are tasked with creating the rulemaking necessary to implement the Act, including capital requirements and risk management policies.[2] The GENIUS Act will become effective on the earlier of two dates: (1) eighteen months after the date of enactment or (2) 120 days after a primary federal payment stablecoin regulator issues final implementing regulations.[3]

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Increased IRS Tracking of Cryptocurrency: Form 1099-DA

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On June 29, 2025

In Blog Posts

Increased IRS Tracking of Cryptocurrency: Form 1099-DA

By: Elise Norotsky

Beginning January 1, 2025, cryptocurrency will have its first form of standardized reporting, the form 1099-DA, Digital Asset Proceeds From Broker Transactions.[1] The form reports gross proceeds and gain, loss and cost-basis information and is filed by brokers dealing with digital assets, such as Coinbase, Kraken, or Gemini.[2] Prior to its enactment, the lack of standardized reporting made the realm difficult to efficiently audit, and thus regulate. This significant shift in how digital assets like cryptocurrencies and NFTs are taxed aligns digital asset reporting with traditional financial and tax reporting practices.[3] While it makes certain aspects easier for investors, taxpayers with digital assets should expect an uptick in audits and investigations in addition to complexities introduced by new rules for computing gains and losses, determining cost basis, and applying backup withholding.[4] Additional problems arise for those holding previously unreported crypto, foreign exchanges, and real estate transactions involving digital assets.[5]

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