๐Ÿšจ JUST IN: U.S. Treasury Officially Scraps Crypto Broker Reporting Rules! ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ’ฅ

According to Bloomberg, the U.S. Treasury Department has formally canceled controversial crypto broker reporting requirements that were originally set to take effect under the 2021 Infrastructure Bill.

๐Ÿ” What was planned?

The rules required crypto brokers โ€” including exchanges, DeFi platforms, and wallet providers โ€” to report detailed customer transaction data to the IRS, raising major privacy and compliance concerns.

๐Ÿšซ Why were they canceled?

โ€ข Massive pushback from the crypto industry

โ€ข Unclear definitions of โ€œbrokerโ€

โ€ข Legal risks for developers and protocols

โ€ข Fear of stifling U.S. blockchain innovation

๐Ÿ—ฃ๏ธ Crypto advocates celebrate:

This move is seen as a huge win for digital freedom and innovation. It sends a strong message that the U.S. is willing to adapt regulations in a way that supports the future of Web3.

๐Ÿ“ˆ Market Reaction:

Expect a bullish sentiment as regulatory pressure eases and investor confidence grows. ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ’Ž

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