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US Treasury Officially Removes Controversial Biden-Era Crypto Broker Reporting Rules

2025-07-12 09:30:14

Main Idea

The US Treasury and IRS have revoked a controversial crypto broker reporting rule, marking a regulatory shift under President Trump's administration, which aims to foster a more crypto-friendly environment.

Key Points

1. The US Treasury and IRS officially removed a rule requiring crypto brokers to report detailed customer data, originally proposed in 2021 to address the 'tax gap'.

2. The rule faced criticism for being 'unworkable' and overly broad, leading to its disapproval under the Congressional Review Act (CRA) and subsequent revocation.

3. President Trump signed the resolution to revoke the rule, marking the first crypto bill signed by a US president, with the rule losing legal force by July 11, 2025.

4. This change reflects a broader regulatory shift under Trump, including the DOL rescinding 401(k) crypto guidance and the Fed easing crypto firms' access to banking.

5. Congress is advancing crypto-related legislation, including stablecoin and market structure bills, as part of the upcoming 'Crypto Week' focus.

Description

The US Department of the Treasury and the Internal Revenue Service (IRS) have formally scrapped a controversial crypto rule that would have mandated decentralized exchanges to comply with broker reporting obligations. US Treasury, IRS Drop Crypto Broker Rule On Thursday, the US Department of the Treasury and the IRS officially revoked the crypto broker rules that required decentralized exchanges and protocols to report detailed customer data to the tax agency. The rule was originally proposed in...

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Crypto News bitcoin btc BTCUSDT Crypto Broker rule crypto exchanges crypto guidance crypto regulation crypto rules Crypto tax IRS US Treasury Department
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