The Treasury Department on Thursday scrapped a set of crypto reporting rules after Congress voted to revoke them earlier this year.
The regulation (TD 10021, RIN 1545-BR39) under Section 6045 detailed how decentralized crypto exchanges, or DeFi exchanges, would report customer transaction information for tax purposes to the US government.
However, Republicans in Congress voted to revoke the rules under the Congressional Review Act, and the resolution was signed by President Donald Trump in April.
Crypto advocates argued DeFi exchanges can’t report customer transaction data to the IRS because they’re usually automated and don’t have staff who can ...
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