Blockchain Association Statement on IRS Broker Rule

The following statement is attributed to Blockchain Association Head of Legal Marisa Coppel on the finalized Broker Rule:

“Today, the IRS finalized the broker rule – importantly, it excludes non-custodial industry participants such as DeFi and unhosted wallet providers, for now. The reason? It needs more time to study the impact on such participants, including many of the issues raised in the more than 44,000 comments received. 

“Today’s news is a testament to the incredibly powerful voice of our industry and community. Nearly three years ago, when the 2021 Infrastructure Investment and Jobs Act was passed, the community rallied, and we rallied again after the IRS proposed the broker rule in August 2023, providing comments and expertise to the IRS on this proposed rule. The response was overwhelming.

“While today’s news of a delayed rule specific to non-custodial industry participants is welcome and indicates the power of our voices during the comment process, we must continue to express our concerns to ensure our industry can thrive in the United States.”