The IRS’s surfaced June 2026 draft Form W-9 adds a Part II checkbox for a narrow purpose: a qualifying U.S. digital-asset broker can certify its exempt-recipient status to another broker. It is not a general crypto-owner exemption, and the draft should not be treated as final unless the IRS’s live Form W-9 page confirms it has been finalized.
What the digital-asset checkbox says
The draft’s “What’s New” section describes a new exempt-recipient category for sales of digital assets. In Part II, the checkbox lets a broker certify to another broker that it is a U.S. digital-asset broker within the regulatory definition and qualifies as an exempt recipient for information-reporting purposes.
This is a status certification between brokers, not a checkbox for an individual simply because they own, buy, or sell cryptocurrency. The draft also says specified registered investment advisers cannot claim this exemption unless they qualify under another separately listed exempt-recipient category. The IRS’s January 2026 draft requester instructions discuss the checkbox and reference final regulations and Notice 2024-56; those instructions are also draft material.
Form W-9 and Form 1099-DA do different jobs
| Form | Who uses it | Purpose |
|---|---|---|
| Form W-9 | A payee gives it to a requester. | Provides the payee’s correct taxpayer identification number (TIN) and applicable certifications so the requester can file an information return. IRS examples of reportable items include income paid, real-estate transactions, mortgage interest, and cancellation of debt. |
| Form 1099-DA | A covered digital-asset broker furnishes it to a taxpayer and files it with the IRS. | Reports proceeds from covered digital-asset transactions; basis information is being phased in for certain transactions. |
A W-9 is not the broker’s proceeds statement and does not report the taxpayer’s digital-asset gain or loss. The forms are connected only in the broader information-reporting process: a requester may need a payee’s TIN, while a covered broker reports relevant transaction information on Form 1099-DA.
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Which digital-asset transactions fall within broker reporting?
The IRS’s overview of the final broker regulations describes gross-proceeds reporting for covered transactions effected on or after January 1, 2025, and basis reporting for certain transactions effected on or after January 1, 2026. Covered brokers can include certain custodial trading platforms, hosted-wallet providers, digital-asset kiosks, and digital-asset payment processors.
The IRS says the final regulations do not include decentralized or non-custodial brokers that do not take possession of the assets. That describes the scope of broker reporting under this guidance; it does not mean that non-custodial activity is automatically free of tax consequences.
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What the 2025-to-2026 reporting transition means
Transactions in 2025
The IRS says people began receiving tax documents for 2025 transactions in 2026. Brokers were required to furnish relevant statements by February 17, 2026. Most 2025 Forms 1099-DA will not include basis, so taxpayers may need their own records to calculate gain or loss.
Transactions after 2025
Under the IRS’s 2026 Form 1099-DA instructions, brokers must report basis information for covered digital assets sold after 2025. Optional methods apply to certain qualifying stablecoin and specified NFT transactions, so the reporting treatment is not identical for every asset or transaction.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteThe IRS overview also describes transition relief for brokers filing and furnishing 2025 forms when they make a good-faith effort, along with later relief related to backup withholding. These are broker relief provisions, not a general taxpayer exemption from reporting income or transactions.
Do you need to fill out a new W-9 for crypto?
Not merely because you own or trade digital assets. The W-9 request is made by a requester that needs your correct TIN and applicable certifications for an information return. The new draft checkbox is aimed at a specific broker-to-broker certification, rather than at ordinary individual customers. If a platform or other requester asks you for a W-9, use the current IRS form and follow that requester’s instructions; the surfaced draft alone does not establish that every customer must submit a new version.
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What taxpayers should do if no Form 1099-DA arrives
The IRS says taxpayers must report applicable digital-asset income, gains, or losses whether or not they receive a Form 1099-DA. Keep transaction records needed to determine proceeds and basis, especially for 2025 transactions for which many broker statements will not provide basis. A missing statement does not itself remove a reporting obligation.
For the form’s current status and any replacement, check the IRS Form W-9 page. For the reporting rules and transition details, consult the IRS’s digital-asset broker reporting overview, 2025 digital-asset reporting reminder, and 2026 Instructions for Form 1099-DA.
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