US Treasury Murders Boring Crypto Rule; DeFi Users Emerge Unscathed and Confused

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Big news: The US Treasury has just taken out TD 10021, RIN 1545-BR39 (not pictured, because it’s much less photogenic than it sounds). This rule, had it survived, would have unleashed a barrage of new requirements on DeFi—like a bureaucratic firehose aimed directly at the fun parts of crypto. Think of it as a plan to clean your room by setting it on fire.

But here’s the thing—this so-called “crypto broker rule” was just standing around clutching its pearls and wasn’t actually set to do anything until 2027. Picture regulations so slow they make sloths look caffeinated. Right now, Washington is speed-running anti-crypto rules, reconstructing a version of the future that, miraculously, seems to care about the crypto crowd’s feelings (for now 🤷‍♂️).

Crypto Taxes and the US Treasury: A Love-Hate Saga

Lately, the U.S. government has been binge-watching pro-crypto television, and it’s only getting weirder. Dragnet-style enforcement? That was last season! Now enforcement officials are busy exposing “systemic mistreatment”—think of it as an episode where the villains start questioning their life choices. Even the Federal Reserve is out here, loosening rules previously written on ancient papyrus. And, just when you were about to swear off crypto news for your mental health, the Treasury straight up cancels the IRS’ latest tax policy like it’s a bad Tinder date.

US Treasury’s crypto broker rule has been KILLED.

Bitcoin in self-custody in US is safe for now.

No KYC on code.

No IRS dragnet on peer-to-peer.

No chokehold on self-custody.

Centralized exchanges still report.

But Bitcoin stays free in self-custody.

— Simon Dixon (@SimonDixonTwitt) July 10, 2025

So, what was this mythical rule that had everyone counting their Satoshis and muttering about government overreach? The IRS revealed these guidelines in late 2024—right after Harris lost and right before Trump re-entered the chat. It would have forced basically anyone in crypto to act like a broker (picture your barista reporting every latte to the IRS). Yes, even the ones who still get confused when you mention the word “wallet.” DeFi would’ve needed therapy.

Not that any of this was set in motion until 2027—which is about three crypto centuries from now—and Bloomberg had been tracking these plot twists longer than most people have kept their Binance passwords written on Post-It notes. President Trump, back on the legislative treadmill, successfully encouraged Congress to repeal the rule in April (his new favorite month, apparently). But, like all things governmental, it’s taken a bit of extra time to officially stuff the rule’s remains in the filing cabinet marked “Oops.”

The crypto crowd greeted the news like airdropped tokens—wildly enthusiastic, slightly suspicious, possibly taxable. Although, if we’re being honest, there may have been a little more drama about the rule than was strictly necessary. For instance, it never tried to “KYC the code” (someone call Hollywood—there’s a movie in that). It targeted front-end services, not your uncle’s homemade node. And self-custody? The ghost of Satoshi Nakamoto can rest easy tonight.

To top it off, everyone keeps reminding us that blockchain transactions are already more traceable than your average Uber Eats order. So much for “underground.”🙄

Regardless, the Treasury seems to be on a crypto-friendly bender: tornadoes are free (well, at least Tornado Cash was unblocked), and annoying reporting rules are out. If this trend continues, maybe they’ll finally fix the IRS website. Until then: popcorn, please, and no new rules before 2027! 🚀

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2025-07-10 21:11