The United States Internal Revenue Service (IRS) has unveiled a revamped draft of its crypto taxation document, Form 1099-DA, specifically designed for cryptocurrency brokerage accounts.

“As a brief refresher, this form is the mechanism that ‘brokers’ will employ starting in 2025 to report digital asset transactions to their clients,” stated Ji Kim, Head of Global Policy, Digital Assets, and General Counsel at the Crypto Council for Innovation, in a recent post on the social media platform X. “An initial examination reveals that this updated draft has removed, among other details, wallet addresses, transaction IDs, and the date of acquisition. These alterations are significant.”

Form 1099-DA, a tool for tracking “digital asset proceeds from broker transactions,” is expected to be implemented, at least in part, by 2025 according to the latest draft released on August 8.

The IRS, in collaboration with the U.S. Department of the Treasury, initially introduced the concept of a crypto brokerage tax form in August 2023. Early iterations of the form mandated the inclusion of digital wallet addresses and a declaration on whether assets were categorized as “non-covered securities.” However, the proposal encountered substantial resistance from the crypto community, which voiced concerns over privacy and the potential implications for the decentralized finance (DeFi) sector.