According to Odaily Planet Daily, Consensys lawyer Bill Hughes said that the IRS has canceled a final broker reporting rule for Consensys, but has not finalized the rules for non-custodial wallets and related non-custodial software products. These products are still under review and may be considered brokers, and their status will be determined later. Hughes also pointed out that the scope of "digital assets" under this final rule is too broad, and the disposal of each NFT and stablecoin is a reportable event. If you don't submit a form to the IRS stating that the gain or loss is a fraction of a cent, then you can't exchange USDC for US dollars on the exchange.
