On April 10, 2025, President Donald Trump signed a joint resolution to repeal the DeFi broker reporting regulations which were finalized in December in T.D. 10021.
Accordingly, participants in DeFi ecosystems are presently not subject to broker reporting requirements.
The rules relating to centralized exchange broker reporting finalized in T.D. 10000 are still slated to go into effect in 2026 for transactions effected on or after January 1, 2025. The scope of these regulations is now narrowed given the repeal of the DeFi regulations.
Persons who are engaged in non-broker activities will no longer be required to develop and implement tools or software designed to comply with the DeFi broker reporting regulations. This is clear and consistent with the language of the statute. Further, the scope of facilitative services is narrowed to apply only to specific types of services listed in Treas. Reg. § 1.6045-1(a)(21)(iii)(B) (relating to the acceptance of digital assets as payment for non-digital asset broker services, services performed by real estate reporting persons who accept digital assets as payment, and payment services by digital asset payment processors).
Treasury could promulgate updated broker reporting regulations for DeFi transactions, as long as they are not substantially similar to the repealed regulations. As of now, Treasury has not indicated its thinking on how, if at all, it would update the regulations.
