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The U.S. Treasury Department has officially repealed a controversial rule that expanded the definition of brokers in the crypto space, requiring DeFi exchanges to report user transactions to the IRS. The rule, enacted in late 2023, faced bipartisan opposition and was overturned under the Congressional Review Act.
- The Treasury repealed a rule requiring DeFi exchanges to report crypto transactions to the IRS.
- Bipartisan lawmakers supported overturning the rule under the Congressional Review Act.
- The reversal means crypto tax regulations revert to pre-2023 standards.
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