Gold Finance reports that according to the rules published in Friday's Federal Register, the IRS requires 'DeFi brokers' to collect user transaction information. It is reported that 'DeFi brokers' will act like traditional brokers handling securities and are required to collect information about their users' transactions and send them 1099 forms. Brokers must send these 1099 forms to clients. Additionally, some 'decentralized finance industry participants' must submit tax returns disclosing 'the name and address of each client.' The U.S. Treasury Department noted that the final rule applies to 'front-end service providers' that interact 'directly with clients,' meaning entities running the main websites used to access decentralized protocols, rather than the protocols themselves. According to the document, the rule is expected to take effect on or after January 1, 2027.