U.S. Treasury Eliminates Crypto Reporting Rule Targeting Decentralized Exchanges

According to Bloomberg the U.S. Treasury Department has officially eliminated a controversial crypto reporting requirement that targeted decentralized exchanges.

This move follows Congress’s earlier decision to overturn the measure and President Donald Trump’s final approval in April.

The repealed regulation—listed as TD 10021, RIN 1545-BR39—was introduced under Section 6045. It aimed to force DeFi platforms to report detailed user transaction data to the IRS for tax purposes.

However, lawmakers raised concerns over the feasibility and fairness of such mandates. Republicans in Congress led the charge to rescind the rule under the Congressional Review Act, ultimately gaining Trump’s signature.

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Industry concerns: DeFi and compliance don’t mix

Crypto supporters, including Bloomberg-cited policy analysts, argued that the rule was unworkable. Most decentralized exchanges operate without human oversight, making it nearly impossible to comply with traditional reporting requirements.

This rollback marks a significant win for the crypto industry, particularly those building within decentralized finance. It also underscores the ongoing regulatory divide between enforcement ambitions and the technical realities of Web3 platforms.