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US Treasury Officially Scraps Crypto Broker Reporting Rules After Congressional Vote

2025-07-10 19:28:28

Main Idea

The US Treasury Department officially scrapped crypto broker reporting rules following a Congressional vote, marking a significant victory for DeFi advocates and signaling a pro-crypto policy direction.

Key Points

1. The US Treasury removed crypto broker reporting rules, including Form requirements for brokers to report users’ digital asset transactions to the IRS.

2. Senator Ted Cruz led the repeal, arguing the rule was government overreach that would stifle cryptocurrency innovation and push development overseas.

3. The repeal is projected to cost the government nearly $4 billion over ten years in lost tax revenue, but lawmakers prioritized privacy and reducing excessive custody of user funds.

4. The White House supported the repeal, calling the original rule an '11th hour attack on the crypto community' by the Biden administration.

5. The Treasury Department also announced exemptions for banks, and the SEC began revising the controversial SAB 121 accounting bulletin, further indicating regulatory shifts favoring crypto.

Description

The US Treasury Department officially scrapped crypto broker reporting rules on Thursday, following a vote by Congress to revoke them under the Congressional Review Act, which President Trump signed in April. BREAKING: CRYPTO TAXES The US Treasury has removed crypto broker reporting rules — including Form 1099‑DA It was designed to require crypto brokers, including DeFi platforms, to report users’ digital asset transactions to the IRS for tax compliance Let’s gooo! pic.twitter.com/dpGOASbW3Y — R...

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