US Treasury Overturns Controversial Rule on Crypto Tax Reporting

The US Treasury moved to repeal TD 10021, RIN 1545-BR39, a controversial rule on crypto tax reporting. If it took effect, it would introduce extensive new requirements on DeFi, potentially damaging the US industry.

Nonetheless, this crypto broker rule was not set to take effect until 2027. The US government is tearing through anti-crypto regulations, rebuilding a future that protects the community’s interests.

Over the last few months, a sweeping tide of pro-crypto regulations has hit the US.

Enforcement agencies have exposed systemic mistreatment of the industry, the Federal Reserve is loosening restrictive rules, and the Treasury is now repealing the IRS’ recent policy on tax reporting.