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ARTICLE · 17 APRIL 2025

Developments In Crypto Regulation: DeFi Tax Reporting Repeal And SEC Disclosure Guidance

Jones Day
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The Trump administration continues its efforts to relax digital asset regulation, including most recently by exempting decentralized finance ("DeFi") apps and wallets from tax reporting...

United StatesTechnology
Artur Badra
Artur Badra
Amie Colwell Breslow
Amie Colwell Breslow
Peter E. Devlin
Peter E. Devlin
Lori Hellkamp
Lori Hellkamp
Abradat Kamalpour
Abradat Kamalpour
Laura S. Pruitt
Laura S. Pruitt
Natalia Sauszyn
Natalia Sauszyn
Nick Wittek
Nick Wittek
Kailey Baker
Kailey Baker
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The Trump administration continues its efforts to relax digital asset regulation, including most recently by exempting decentralized finance ("DeFi") apps and wallets from tax reporting and through Securities and Exchange Commission ("SEC") staff interpretations, such as the Division of Corporation Finance's recent statement on disclosure requirements for digital asset offerings.

DeFi Tax Reporting Relief

On April 10, 2025, President Trump signed H.J.Res.25 (the "Bill") overturning Treasury regulations promulgated in December 2024 that would have extended IRS Form 1099 reporting requirements to certain DeFi participants by treating them as "brokers" under section 6045 of the Internal Revenue Code (the "DeFi Reporting Rules").

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