According to a Bloomberg report, the US Treasury has officially removed Crypto Broker’s reporting rules. The rules under section 6045 (TD 10021, RIN 1545-BR39) detailed how decentralized crypto exchanges, or Defi exchanges, report customer transaction information to the US government for tax purposes.
“Due to the joint resolution and the operation of the CRA, this final rule has no legal force or effect,” the Treasury Department wrote in a document scheduled to be released Friday. “The Treasury Department (Treasury Department) and the IRS will remove this final rule from the Federal Rules (CFR) and return the relevant CFR text to the text that is in effect just before the effective date of this final rule.”
The move is the latest in a series of pro-crypto initiatives passed by the US government. Select Crypto ETF approvals and other reviews, as well as loose regulations on crypto monitoring, portray a brighter future for the US digital asset industry. Previously, we argued that the Crypto Broker Reporting rules were not fair as Defi Exchange could not report customer transaction data.
Donald Trump’s encryption remains speculative, but the possibility of major changes is clear. The cryptocurrency world continues to watch closely as regulatory uncertainty gradually replaces a more clear framework. Security risks and market volatility can be addressed through these new regulatory approaches. Ultimately, the US could soon become a paradise for crypto investors to trade without judgment or pressure from regulators.
