📢 The U.S. Treasury Department has officially withdrawn the crypto broker reporting requirement
This decision marks the cancellation of a long-debated obligation that would have required centralized crypto platforms operating in the U.S. to report user transaction data directly to the IRS. According to Bloomberg, after evaluating the potential administrative burden and privacy concerns, the Treasury has decided to backtrack on the implementation of this rule.
This move is being interpreted as a short-term positive for the industry, especially for U.S.-based exchanges. Industry stakeholders had criticized the rule as both technically unfeasible and a threat to user privacy. However, the withdrawal may now shift regulatory focus toward a new framework for taxing decentralized finance (DeFi) protocols. All eyes are now on the IRS and its upcoming roadmap.
📌 This is not investment advice.
