The U.S. Treasury Department has officially rescinded the cryptocurrency broker reporting rule.

July 10th, according to Bloomberg, the U.S. Treasury Department has officially scrapped the cryptocurrency broker reporting rule.

The rule originally required decentralized cryptocurrency exchanges to report customer transaction information to the U.S. government for tax purposes. Earlier, U.S. congressional Republicans voted to repeal the rule through the "Congressional Review Act," which was signed into law by President Trump in April this year.