🇺🇸 US Treasury officially removes crypto broker reporting rules, Bloomberg reports.
The US Treasury has officially removed crypto broker reporting rules, according to a Bloomberg report. This move is seen as a procrypto initiative, potentially paving the way for a brighter future for the digital assets industry in the US.
Key Details:
Removed Rule: The Treasury removed TD 10021, RIN 1545BR39, which required certain DeFi participants to report customer transaction information to the IRS.
Reason: The rule was disapproved under the Congressional Review Act (CRA) after Congress passed a joint resolution, signed into law by President Trump on April 10, 2025.
Impact: The repeal eliminates impending information reporting obligations for DeFi brokers, providing relief for those who would have been classified as brokers under the removed regulations.
Implications:
DeFi Sector: The repeal is significant for the DeFi sector, which relies on peertopeer transactions and smart contract protocols that don't fit traditional financial regulatory models.
Regulatory Framework: The move signals a shift towards a more balanced regulatory framework that supports innovation while maintaining tax compliance.
Industry Response: Industry leaders welcome the repeal, emphasizing that it preserves fundamental freedoms associated with selfcustody and peertopeer transactions.