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Good news for the DeFi industry, the IRS has officially repealed cryptocurrency broker rules.
The U.S. Treasury Department and the Internal Revenue Service (IRS) announced on the 10th that they have officially repealed the cryptocurrency broker rules that required the submission of customer transaction information for decentralized exchanges and other DeFi protocols. This measure completely abolishes the DeFi tax regulations that have been discussed for several years.
The Biden administration made its first attempt to implement the "virtual currency broker" rules through the Infrastructure Investment and Jobs Act in November 2021. The Treasury expanded the definition of "broker" to include participants in the virtual currency network, aiming to close the information gap, but it faced criticism from those in the virtual currency industry for being theoretically unenforceable.
This regulation required non-custodial service providers to collect customers' names and addresses just like traditional securities brokers. However, DeFi protocols often operate with automated code and without human intermediaries, making it difficult to comply with such strict reporting requirements.
Senator Ted Cruz of Texas led the repeal of regulations through a Congressional Review Act (CRA) resolution in January this year, and in March, Congress passed a resolution to invalidate the cryptocurrency broker regulations. In April, President Donald Trump signed the repeal resolution, marking his first signature on a cryptocurrency-related bill after taking office.
The Ministry of Finance stated in a press release that "this final rule will lose its legal effect and will be removed from the Code of Federal Regulations (CFR)." The IRS broker rules will revert to the previous definition and will not target DeFi protocols or platforms. This repeal is great news for the DeFi industry, which values anonymity.