U.S. Treasury officially removes IRS controversial Biden-era on DeFi
2025-07-10 17:35:26
Main Idea
The U.S. Treasury officially repealed the Biden-era IRS reporting rule that required DeFi platforms to issue 1099-DA forms for user transactions, marking a significant compliance win for the DeFi industry.
Key Points
1. The U.S. Treasury Department eliminated the DeFi broker reporting rules on June 10, which mandated DeFi platforms to provide IRS 1099-DA forms for all user transactions.
2. The repeal followed earlier legislative action under the Congressional Review Act, with Congress overturning the rule and President Donald Trump signing the bill in April.
3. DeFi platforms are now exempt from compliance requirements such as know-your-customer (KYC) rules and transaction reporting, while centralized exchanges remain obligated to issue 1099-DA forms.
4. Industry leaders, including DeFi Education Fund CEO Miller Whitehouse-Levine, viewed the repealed rule as infringing on user privacy and stifling DeFi innovation.
5. Experts warned that overly burdensome regulations could drive DeFi innovation overseas, highlighting the significance of the repeal for the industry.
Description
DeFi platforms secured a major win in compliance after the U.S. Treasury officially removed the controversial Biden-era IRS reporting rule. DeFi platforms got a major win regarding compliance with the Internal Revenue Service. On Thursday, June 10, the U.S. Treasury Department officially eliminated the DeFi broker reporting rules. The controversial Biden-era rule required DeFi platforms to issue IRS 1099‑DA forms for all user transactions. This repeal was the result of earlier legislative action...
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