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IRS Crypto Broker Rule Repealed, But Regulatory Scrutiny Remains
IRS Crypto Broker Rule Repealed, But Regulatory Scrutiny Remains
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BTCCSquare news:
The controversial IRS rule TD 10021, which sought to classify DeFi protocols as traditional brokers, has been formally repealed after Congressional rejection and President Trump's April approval. The rule WOULD have forced decentralized platforms to report customer transactions despite lacking custody or user identification systems—a technical impossibility for most DeFi architectures.
Industry advocates like the DeFi Education Fund's Miller Whitehouse-Levine argued the regulation threatened to stifle U.S. innovation, warning "You can't report data you don't have." The Treasury Department nevertheless maintains focus on crypto oversight, signaling continued regulatory pressure on the sector despite this legislative setback.
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