Original sourceCrypto reNews
Summary
The US Treasury rescinded the 2024 rule on "gross proceeds reporting by brokers regularly providing digital asset sale services." After Congress overturned the rule via the Congressional Review Act, it became ineffective and was removed from the Code of Federal Regulations. The rule had required ce…
Key points
- This is a substantive change in the direction of US crypto tax reporting obligations, directly affecting compliance costs for DeFi and brokerage businesses.
- Rescinding the reporting obligation changes the compliance burden on DeFi and crypto brokers and also affects future tax and regulatory direction.
- Crypto brokers and DeFi services operating in the US can reduce some reporting work, but must watch for follow-up replacement rules and state-level legislative developments.
Editorial note
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