The US Senate and House of Representatives have voted for the resolution of the repeal of IRS crypto broker rules, which were facing intense debate.
The definition of the term “broker” includes individuals or entities that regularly provide services to carry out digital asset transfers. This definition ensures that only those truly “in a position to know” transaction details are subject to Form 1099-DA reporting requirements.
These US Internal Revenue Service rules are built on prior rulemaking (T.D. 10000) from July 2024 and focus on extending broker reporting obligations to decentralized finance (DeFi), which involves digital asset transactions without a traditional intermediary.
