Do I owe taxes on crypto in 2026 — and what’s changing?

With the CLARITY Act blocked, the SEC and CFTC are writing crypto rules themselves, and Illinois is finalizing a 0.2% transaction tax. Broker-reporting exceptions aren’t exceptions from your own reporting duties.

With the CLARITY Act blocked, the SEC and CFTC are writing crypto rules themselves, and Illinois is finalizing a 0.2% transaction tax. Broker-reporting exceptions aren’t exceptions from your own reporting duties.

Why the rules feel so unsettled right now

When a major law stalls, agencies fill the gap, so guidance arrives in pieces and can change. That is why an agency announcement, a broker form, and a state proposal can all matter at once. None of it removes the basic duty: selling, trading, or spending crypto is generally something you report yourself, even when no form arrives. This is general education, not tax advice.

What to do, step by step

1. Keep your own records for every exchange and wallet: dates, amounts, and what each trade was worth.
2. List your taxable moments, such as selling, trading one coin for another, or spending crypto.
3. Never assume no form means no tax. Broker-reporting exceptions are not exceptions from your own reporting.
4. Watch your own state as well as federal rules, since proposals like the Illinois one differ by place.
5. Check with a qualified tax professional before you file, especially after a year with many trades.