Matthew Dimon

2 days ago | jdsupra.com | Matthew Dimon |David Forst |Sean McElroy

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.

1 month ago | jdsupra.com | Matthew Dimon |David Forst |Sean McElroy

On March 4, 2025, the U.S. Senate passed joint resolution S.J.Res.3, disapproving the DeFi broker reporting regulations Treasury finalized at the end of the Biden Administration. Senator Ted Cruz (R-TX) introduced the resolution earlier this year alongside several other senators. The resolution passed the Senate pursuant to the Congressional Review Act (CRA) with significant bipartisan support, with 70 senators approving the challenge.

2 months ago | jdsupra.com | Matthew Dimon |Sean McElroy

The Senate and House have introduced a joint resolution challenging broker reporting regulations for non-custodial brokers under the Congressional Review Act. If passed and signed by the president, the challenge would render IRS broker reporting regulations with respect to certain DeFi service providers ineffective.

Jul 5, 2024 | jdsupra.com | Matthew Dimon |David Forst |Kevin Kirby

The U.S. Treasury Department and the Internal Revenue Service issued final broker reporting regulations addressing transactions in digital assets for centralized exchanges and hosted wallet providers. Separate regulations for decentralized finance (DeFi) and other non-custodial industry participants are expected in the coming months. The final regulations are effective starting January 1, 2025, with certain provisions only coming into effect on January 1, 2026.

Aug 29, 2023 | mondaq.com | David Forst |Sean McElroy |Kevin Kirby |Matthew Dimon

On Friday, August 25, 2023, the U.S. Treasury Department (Treasury) released proposed regulations interpreting the broker reporting rules for digital assets that were part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act). The proposed regulations address the treatment of gross proceeds and basis reporting by brokers in digital assets as well as the determination of amount realized and basis for digital asset transactions.