The U.S. Treasury Department released the 2025 crypto tax system, and the rules related to DeFi and non-custodial wallet providers were temporarily shelved

The U.S. Treasury Department's Internal Revenue Service has released a 2025 cryptocurrency transaction tax system aimed at establishing filing rules for digital asset brokers, but the rules for DeFi and non-custodial wallets have been put on hold. The agency believes that mainstream crypto platforms that handle the "vast majority" of transactions can no longer wait for the rules, but other issues require more research and will formulate corresponding rules "later this year." The newly released tax rules will take effect for transactions starting in 2025 and require brokers to pay close attention to the cost basis of customer tokens starting in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures about changes in customer assets and gains. These assets will also include (in very limited circumstances) stablecoins such as USDT, USDC, and high-value NFTs, although the IRS has explicitly refused to resolve the long-standing debate over whether tokens should be considered securities or commodities. Under the new rules, the IRS will not require reporting of most routine stablecoin sales, and has set an annual threshold of $600 for NFT gains, which must be reported only if they exceed this threshold. (CoinDesk)