The post Best Wallet Gains as IRS Kills Controversial Crypto Broker appeared on BitcoinEthereumNews.com.

The IRS has withdrawn its controversial crypto broker rule, opening the door for decentralised tools. See how Best Wallet fits into the shift toward privacy and self-custody. The U.S. Department of the Treasury and the Internal Revenue Service scrapped the “crypto broker” rule after mounting criticism that it ignored privacy concerns and was practically unenforceable. The move signals a clear shift in how governments approach decentralised protocols, with implications that go beyond taxes. Now that the rule is gone for good, platforms focused on user sovereignty are picking up traction. For example, Best Wallet’s token presale ($BEST) saw a buying frenzy following the news, and is currently on its way to the $14M milestone. A boost in Best Wallet adoption and more support for its native token suggest that users are actively seeking out platforms and projects that prioritise privacy and security. The Rule That Sparked a Crypto Uprising The crypto broker rule, passed under the 2021 Infrastructure Investment and Jobs Act, sought to reclassify a broad range of crypto participants as “brokers”. This included DeFi platforms and decentralised protocols, forcing them to report customer data to the IRS. After receiving flak for being technically impossible, the definition was softened to exclude miners and node operators. Still, the IRS finalized the rule for DeFi brokers in December 2024. The backlash continued, led by U.S. lawmakers like Senator Ted Cruz. In April 2025, the rule was officially withdrawn using the Congressional Review Act, as part of the broader trend of pro-crypto regulations. The revocation of the crypto broker rule shows how poorly regulators understand decentralised tech. More than a policy shift, its repeal recognizes that decentralisation can’t be forced into traditional frameworks. It shifts the narrative away from surveillance and back toward user ownership and control. Projects that align with decentralisation…

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Filed under: News - @ July 12, 2025 10:26 am