The Internal Revenue Service released late Friday the latest version of its controversial “broker rule” guidance.
“Good news: They agree that custodial brokers are, well, brokers,” Coin Center Chief Communications Office Neeraj Agrawal said in a post on X. “Our concern is whether or not a self-custodial application that is just code with no central authority would be considered a broker too.” “The Treasury Department and the IRS would benefit from additional consideration of issues involving non-custodial industry participants,” the filing reads.
The proposed regulations — which build on efforts to expand IRS regulation over crypto transaction tax reporting in the Infrastructure Investment and Jobs Act from 2021 — would not only have expanded the number of entities treated as brokers but also vastly expand the type of entities obligated to report under 1099 tax reporting requirements .
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