The US Treasury Department Officially Rescinds Cryptocurrency Broker Reporting Rule

BlockBeats News, July 10th, according to Bloomberg, the US Treasury Department has officially revoked the cryptocurrency broker reporting rule.

The cryptocurrency broker reporting rule required certain DeFi brokers to report total income and provide user data, including names and addresses. The IRS's rule was finalized last December, requiring DeFi brokers to submit 1099 forms, similar to traditional securities brokers. Critics argued that this rule stifled innovation, compromised privacy, and made tax reporting for the decentralized nature of the crypto industry complicated. Earlier, US senators introduced a resolution called the "Congressional Review Act" to overturn this controversial IRS rule, which was signed into effect by President Trump in April of this year.