The US Treasury is officially removing crypto broker reporting rules, according to a Bloomberg report. The regulation (TD 10021, RIN 1545-BR39) under Section 6045 detailed how decentralized crypto exchanges, or DeFi exchanges, would report customer transaction information for tax purposes to the US government.
“Under the joint resolution and by operation of the CRA, this final rule has no legal force or effect,” the Treasury writes in a document scheduled to release Friday. “The Department of the Treasury (Treasury Department) and the IRS hereby remove this final rule from the Code of Federal Regulations (CFR) and revert the relevant text of the CFR back to the text that was in effect immediately prior to the effective date of this final rule.”
The move is the latest in a series of pro-crypto initiatives passed by the US government. The approval of select crypto ETFS and review of more, as well as looser regulations over crypto oversight, are painting a brighter future for the digital assets industry in the US. Previously, the sector argued that the crypto broker reporting rules weren’t fair because DeFi exchanges couldn’t report customer transaction data because most don’t have physical staff to do so.
Donald Trump’s crypto promises remain speculative, but the potential for significant change is evident. The cryptocurrency world continues to watch closely as regulatory uncertainty gradually gives way to more defined frameworks. Security risks and market volatility may be addressed through these emerging regulatory approaches. Ultimately, the US could soon become a haven for crypto investors to trade without judgement or pressure from regulators.