Key facts
- The U.S. Treasury Department has withdrawn proposed rules for crypto surveillance.
- The proposals aimed to require crypto brokers to report transactions to the IRS.
- The rules were part of the Infrastructure Investment and Jobs Act.
- The crypto industry had voiced strong opposition to the proposals.
The U.S. Treasury Department has withdrawn controversial proposed rules that would have required cryptocurrency brokers to collect information on foreign persons and report transactions to the Internal Revenue Service (IRS). The proposals, which were part of the Infrastructure Investment and Jobs Act, faced significant backlash from the cryptocurrency industry. Critics argued that the rules were overly broad and could stifle innovation in the digital asset space. The withdrawal of these proposals marks a significant development in the ongoing regulatory landscape for cryptocurrencies in the United States.