U.S. Treasury Removes Crypto Broker Rule

The U.S. Treasury and IRS removed a crypto broker rule issued during the Biden Administration, which would have required certain decentralized finance protocols to report digital asset sales similarly to centralized exchanges. Because Congress and the President disapproved the rule under the Congressional Review Act, it has no legal force or effect and is treated as though it never took effect. As a result, the regulations are reverting to their prior form, and DeFi protocols facilitating digital asset sales no longer must collect and report user information to the IRS.