IRS and US Treasury Officially Repeal Controversial Crypto Broker Tax Rule
2025-07-10 18:47:06
Main Idea
The U.S. Treasury Department and IRS have officially repealed a controversial crypto broker tax rule that aimed to expand reporting requirements for decentralized finance (DeFi) and non-custodial entities, following opposition from industry groups and lawmakers.
Key Points
1. The rule sought to broaden broker reporting under Section 6045 of the tax code to include DeFi and non-custodial entities, but faced criticism for overreach and privacy concerns.
2. Opponents included Coin Center, the Blockchain Association, the DeFi Education Fund, and the Texas Blockchain Council, who argued the rule was unworkable and invasive.
3. Congress repealed the measure using the Congressional Review Act (CRA), and President Biden signed the disapproval resolution (H.J. Res. 25) on April 10, 2025.
4. The rule was criticized for being impractical for non-custodial operations and violating user privacy, leading to its removal from the Federal Register in July 2025.
Description
The U.S. Treasury Department and IRS have officially tossed out a controversial rule that would’ve forced non-custodial crypto service providers to report customer transactions—bringing an end to a lengthy regulatory standoff. Controversial Crypto Reporting Requirement Officially Nullified Finalized in December 2024, the rule sought to widen broker reporting under Section 6045 of the tax code
Latest News
- Linda Yaccarino Exits X, But It’s Not Clear Why2025-07-11 07:36:18
- Remixpoint CEO to Receive Entire Salary in Bitcoin2025-07-11 06:47:40
- Bitcoin Rally to $118K Wipes out Over $1 Billion in Short Bets2025-07-11 06:16:52
- ECB Promotes Digital Euro as a Sovereign Cash Alternative2025-07-11 05:43:20
- US Senate Introduces Bill to Enact Sanctions on El Salvador’s Bitcoin Usage in Human Rights Violations2025-07-11 04:41:10