The U.S. Department of the Treasury recently announced a new regulation requiring decentralized finance (DeFi) brokers to report total revenues from digital asset sales just like traditional securities brokers 📊. This means that DeFi brokers need to collect user transaction information and send clients 1099 forms to report non-wage income 💼.

This change aims to enhance tax transparency and ensure compliance in digital asset trading. While this may increase the operational burden on DeFi platforms, it could also bring more legitimacy and trust to the industry 🤝. For crypto enthusiasts, this is undoubtedly a development worth paying attention to.