๐จ JUST IN: U.S. Treasury Officially Scraps Crypto Broker Reporting Rules! ๐บ๐ธ๐ฅ
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.
๐ 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.
๐ซ Why were they canceled?
โข Massive pushback from the crypto industry
โข Unclear definitions of โbrokerโ
โข Legal risks for developers and protocols
โข Fear of stifling U.S. blockchain innovation
๐ฃ๏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.
๐ Market Reaction:
Expect a bullish sentiment as regulatory pressure eases and investor confidence grows. ๐บ๐ธ๐
#CryptoNews๐๐ฐ๐ซ #TrumpTariffs #TrumpCrypto #Web3 #UStreasury