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

On July 11 (UTC+8), MetaEra reported on July 10 that the U.S. Treasury Department formally revoked a regulation on cryptocurrency broker reporting this Thursday. Previously, the U.S. Congress voted to repeal the regulation earlier this year, and President Trump signed it into effect in April. The regulation originally required decentralized cryptocurrency exchanges to report customer transaction information to the government, but people in the crypto industry believe that decentralized exchanges are mostly automated and it is difficult to meet the reporting requirements. (Source: PANews) [MetaEra]