Well, well, well, what do we have here? The Department of the Treasury is officially waving goodbye to a rule that tried to expand the definition of a broker under the U.S. Tax Code. 🙌
This rule, with the catchy title “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” was a real gem. It wanted to classify decentralized finance (DeFi) exchanges as brokers, which meant they’d have to tell the IRS all about your digital asset transactions. 🤑
It was published in the Federal Register on December 30th, just in time for the New Year’s Eve party, and took effect on February 28th. But, oh, how the tables have turned! 🎶
In March, both chambers of Congress decided they’d had enough and voted to repeal this controversial law. And guess who was there to sign the bill? None other than President Donald Trump, on April 11th. 🎉
The Treasury Department is now saying the rule has no legal force or effect. It’s like it never even existed. 🤷♀️
“Pursuant to the CRA (Congressional Review Act), any rule that takes effect and later is made of no force or effect by enactment of a joint resolution shall be treated as though such rule had never taken effect. Accordingly, the Treasury Department and the IRS are reverting the text of the section 6045 regulations back to the text that was in effect immediately prior to the effective date of the Final Rule.”
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2025-07-11 20:01