US finance ministry tilts crypto rule-what is behind it?

The US Ministry of Finance has lifted a controversial crypto rule for tax reporting. Defi platforms in particular would have hit the measure hard.
Many in the community see the decision as a pro crypto turning point. You read here exactly what is behind this rule and why the cancellation is so important.

Crypto taxes and the US Ministry of Finance

A wave of pro-crypto regulations have recorded the United States in recent months.

Enforcement authorities have uncovered systematic abuse of industry, the Federal Reserve Looses restrictive rulesand the Ministry of Finance now raises the latest IRS policy for tax reporting.

So what was this controversial one Rule? The IRS published these guidelines at the end of 2024 after Harris lost the election, but before Trump took over the office. Essentially, the Ministry of Finance would have asked all crypto providers to act as registered brokers, to detail and report all transactions to determine the tax obligations of the users. This could be an enormous burden on DeFi represent.

TD 10021, Rin 1545-Br39, should only come into force in 2027. Loud reporting von Bloomberg the change in the crypto tax report by the Ministry of Finance had been planning for a long time.

President Trump encouraged Congress to adopt a law to abolish this rule. This happened in April. However, it took additional time to complete the cancellation.

The community reacted very positively to the change in tax policy by the Ministry of Finance. However, there could have been some panic meters regarding the actual effects of the regulation.

For example, she explicitly excluded these restrictions on code and instead concentrated on front-end services that interact with users. Politics would not necessarily restrict self -custody.

In addition, industry representatives pointed out yesterday that blockchain transaction data understandable are.

Nevertheless, it seems bullish that the Ministry of Finance expressly canceled these tax reporting rule. The institution has made several Pro crypto decisions in recent months, such as the lifting of the sanctions against Tornado Cash in March.

Hopefully your new pro-crypto orientation can continue to combat corruption and protect consumers.