The Biden administration finalized reporting requirements for certain cryptocurrency brokers Friday, prompting pushback from an industry hoping for more favorable treatment when President-elect Donald Trump takes office in January.
The regulations (RIN 1545-BR39, TD 10021) provide clarity on how decentralized cryptocurrency exchanges should report tax information.
Decentralized exchanges, known as DeFi, tend to be automated platforms not backed by a company with a team of people to identify and report the transactions. The platforms argued they shouldn’t be subject to the broker reporting requirements. Treasury and IRS still included them as brokers but delayed finalizing this portion of the rules ...
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