The U.S. Treasury Department Formally Rescinds Cryptocurrency Broker Reporting Rule

On July 10, according to Bloomberg, the U.S. Treasury Department formally revoked the reporting rules for cryptocurrencies. The rule originally required decentralized cryptocurrency exchanges (DeFi) to report customer transaction information to the U.S. government for tax purposes. Previously, Republican members of the U.S. Congress had passed the Congressional Review Act to abolish these rules, and it was signed into effect by President Trump in April of this year. [Deep Tide TechFlow]