The US Treasury Department has released new tax regulations for crypto brokers effective from 2025, mandating that brokers file 1099 forms and track customers' token cost basis starting in 2026. The rules apply to transactions involving cryptocurrencies, stablecoins in limited scenarios, and NFTs with over $600 annual earnings. However, decentralized finance (DeFi) entities and providers of non-custodial wallets have been granted a delay in their specific regulations pending further review. This decision follows extensive industry feedback, reflecting ongoing debates about the classification of digital assets and a shift towards more refined crypto tax compliance measures.