U.S. digital asset holders who filed for an extension earlier this year must submit their 2025 federal tax returns by October 15, 2026, the automatic six-month deadline available after filing Form 4868 before the spring cutoff. According to ChainCatcher, the extension covers filing only, while any tax owed still had to be estimated and paid in April 2026, with interest and late-payment penalties already accruing on unpaid balances.

Brokers have begun reporting 2025 transactions under Form 1099-DA, allowing taxpayers to verify proceeds, although cost basis information may still be incomplete. In mid-September, the Senate failed to advance the CLARITY Act after a 49-50 vote fell short of the 60 votes needed.

The SEC and the CFTC said they will continue writing rules on trading, custody, and related issues rather than waiting for Congress. Late-filing penalties start at 5% of unpaid tax per month, capped at 25%, with a minimum penalty applying after 60 days.