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

On July 10, Bloomberg reported that the U.S. Treasury Department has formally rescinded the cryptocurrency broker reporting rule.

The rule originally required decentralized cryptocurrency trading platforms to report customer transaction information to the U.S. government for tax purposes. Previously, Republicans in the U.S. Congress had passed a vote to repeal it through the Congressional Review Act, and it was signed into effect by President Trump in April of this year. [BlockBeats]