Finalized in December 2024, the rule sought to widen broker reporting under Section 6045 of the tax code to include decentralized finance (defi) and non-custodial players. It immediately drew fire from industry advocates and lawmakers who said it went too far and threatened user privacy.

Coin Center, led by executive director Jerry Brito, was quick to slam the rule in public statements. They weren’t alone—the Blockchain Association, the DeFi Education Fund, and the Texas Blockchain Council were among the most vocal opponents pushing back hard against it.

Congress repealed the measure using the Congressional Review Act (CRA), and President Biden signed off on the disapproval resolution (H.J. Res. 25) on April 10, 2025. Thanks to the CRA, the rule is treated like it never existed.

The Treasury and the IRS reverted the tax code back to its original form, stripping out clauses that targeted digital asset intermediaries like validators and hardware wallet makers.

For crypto supporters, the repeal is a clear victory—many called the rule unworkable for non-custodial operations and a downright violation of privacy.

No public comment period was needed since the shift came from Congress, not a new rulemaking process. The repeal became official with its publication in the Federal Register for July 2025.

The decision highlights the ongoing tug-of-war between regulatory controls and innovation in the fast-moving world of digital assets.

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