According to Odaily, Bill Hughes, a lawyer for Consensys, has announced on platform X that the US tax authority has revoked a final broker reporting rule for Consensys. However, the rules regarding non-custodial wallets and related non-custodial software products have not been finalized. These products are still under review and may be classified as brokers, with their status to be determined later.
Hughes also pointed out that the scope of 'digital assets' under this final rule is too broad. Every disposal of NFTs and stablecoins is a reportable event. If a form is not submitted to the US tax authority detailing the gains or losses in fractions of a cent, it would be impossible to exchange USDC for dollars on the exchange.