U.S. Treasury Department Officially Revokes Controversial Crypto Broker Reporting Rule After Republican Lawmakers Vote It Down

The Department of the Treasury is formally taking down a new rule that expanded the definition of a broker under the U.S. Tax Code. The rule titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales” classified decentralized finance (DeFi) exchanges as brokers required to furnish the Internal Revenue Service (IRS) with information on user transactions involving digital assets. The rule was published in the Federal Register on December 30th during the final weeks of the Biden administration and took effect on February 28th. In March, legislators from both chambers of Congress voted to repeal the controversial law, a move supported by President Donald Trump, who signed the bill reversing the crypto broker rule on April 11th. The Treasury Department says the controversial rule now has no legal force or effect. “Pursuant to the CRA (Congressional Review Act), any rule that takes effect and later is made of no force or effect by enactment of a joint resolution shall be treated as though such rule had never taken effect. Accordingly, the Treasury Department and the IRS are reverting the text of the section 6045 regulations back to the text that was in effect immediately prior to the effective date of the Final Rule.” Follow us on X , Facebook and Telegram Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post U.S. Treasury Department Officially Revokes Controversial Crypto Broker Reporting Rule After Republican Lawmakers Vote It Down appeared first on The Daily Hodl .

Source: The Daily Hodl