Internet reports that according to Bloomberg, the U.S. Treasury Department officially abolished the cryptocurrency broker reporting rules. Cryptocurrency broker reporting rules require certain DeFi brokers to report total revenue and provide user data, including names and addresses. The IRS rule, finalized in December last year, requires DeFi brokers to file Form 1099, similar to traditional securities brokers. Critics argue the rule stifles innovation, undermines privacy, and complicates the decentralized nature of tax filings in the crypto industry. U.S. senators previously proposed a Congressional Review Act resolution to overturn the controversial IRS rule, which was signed into effect by President Trump in April this year.