United States of America: Internal Revenue Service's regulations on reporting requirements for digital asset transactions by brokers was terminated

On 11 July 2025, the United States Department of the Treasury and the Internal Revenue Service (IRS) formally removed from the Code of Federal Regulations the final rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales, in accordance with the Congressional Review Act (CRA). The rule’s provisions expanding reporting to DeFi platforms and digital asset intermediaries were revoked, and the regulations reverted to their prior state. Although set to take effect on 28 February 2025, the rule was nullified by Congressional Review Act resolution H.J. Res. 25, signed into law on 10 April 2025. The Treasury and IRS are barred from issuing substantially similar rules in the future.