⚡JUST IN: 🇺🇸 White House crypto report calls for tax exemptions on small Bitcoin & crypto transactions, Bloomberg reports.
Senate Votes to Repeal Biden-Era Crypto Tax Rule:WASHINGTON—The Senate voted to repeal a Biden-era rule requiring that some cryptocurrency platforms report their customers’ transactions to the Internal Revenue Service, delivering a bipartisan victory to the ascendant
industry.
The rule required the decentralized finance platforms, or DeFi, to report detailed information on customers to the IRS, starting for tax year 2027. The rule was designed to improve tax compliance and create parity with centralized crypto exchanges and stock brokerages.
