Clear and concise on a new regulation indicated by #binance new

According to PANews, the U.S. Treasury Department and the Internal Revenue Service (IRS) have finalized and published comprehensive regulations for crypto tax brokers, spanning 177 pages. These rules, which are set to take effect 60 days after publication in the Federal Register, include a transition period from 2025 to 2026, although the extent of leniency during this period remains unclear. Former President Trump could potentially repeal these regulations, but congressional support would be necessary.The regulations require brokers to report detailed information on crypto asset transactions, aiming to enhance tax compliance and reduce the tax gap from unreported income through third-party reporting. The rules define the scope of cryptocurrency brokers and outline how to handle information on digital asset sales and trades. Individuals or organizations facilitating digital asset transfers, including decentralized finance (DeFi) participants, are considered brokers under these regulations.Key aspects of the new regulations include:1. Brokers must submit information reports to the IRS, such as Form 1099-B, detailing total transaction revenue and other specifics. This includes:- Total revenue from digital asset transactions.- Information about the parties involved in the transactions, such as identity and address.- Transfer price and basis cost for each transaction.2. The regulations clarify the definition of "digital asset intermediaries" for DeFi protocols and specify the services requiring reporting. Non-custodial wallet providers involved in the transaction process and possessing transaction information may be classified as brokers.3. Exceptions to the broker requirements include:- Validators who only verify transactions.- Providers of hardware or software for managing digital asset private keys.- Participants are not directly involved in facilitating transactions or lack transaction details.The regulations will become effective 60 days after publication in the Federal Register. They also clarify the three-layer model of the DeFi technology stack: interface layer, application layer, and settlement layer, imposing information reporting requirements on "front-end services" that provide user interfaces or transaction entry points.