The Department of the Treasury is formally taking down a new rule that expanded the definition of a broker under the U.S. Tax Code.

The rule titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales” classified decentralized finance (DeFi) exchanges as brokers required to furnish the Internal Revenue Service (IRS) with information on user transactions involving digital assets.

The rule was published in the Federal Register on December 30th during the final weeks of the Biden administration and took effect on February 28th.

In March, legislators from both chambers of Congress voted to repeal the controversial law, a move supported by President Donald Trump, who signed the bill reversing the crypto broker rule on April 11th.

The Treasury Department says the controversial rule now has no legal force or effect.

“Pursuant to the CRA (Congressional Review Act), any rule that takes effect and later is made of no force or effect by enactment of a joint resolution shall be treated as though such rule had never taken effect. Accordingly, the Treasury Department and the IRS are reverting the text of the section 6045 regulations back to the text that was in effect immediately prior to the effective date of the Final Rule.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A real-world asset tokenization platform has acquired a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC).

In a new thread on the social media platform X, decentralized finance (DeFi) and tokenization project Ondo Finance (ONDO) says it’s acquired the broker-dealer Oasis Pro as a means of bringing regulated tokenized securities to blockchains.

“On the 250th birthday of America, we are proud to announce we’re taking the next step in our mission to bring financial markets onchain. Ondo is acquiring Oasis Pro – including its SEC-registered broker-dealer, Alternative Trading System (ATS), and Transfer Agent – laying the groundwork for Ondo to develop a regulated tokenized securities ecosystem for blockchain-based financial products for US investors.”

Real-world tokenization enables investors to represent ownership of physical assets, such as stocks or real estate, as tokens on a blockchain, making them easily interchangeable. According to Ondo, Oasis Pro was one of the first ATS protocols – or mechanisms that transfer funds outside the confines of the traditional financial system – approved by regulators for use in the digital assets industry.

As stated by Nathan Allman, chief executive of Ondo, in a company blog post,

“This unlocks the next major chapter of tokenized finance. This acquisition will empower us to realize our vision of building a robust and accessible tokenized financial system, backed by the strongest regulatory foundations.”

ONDO is trading for $0.774 at time of writing, a marginal decrease during the last 24 hours.

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Tokenization platform Ondo Finance

said it agreed to buy Oasis Pro, a regulated brokerage platform, laying the groundwork for rolling out tokenized stocks in the coming months.

The acquisition, whose price was not disclosed, would give Ondo a bundle of U.S. securities licenses: a broker-dealer, Alternative Trading System (ATS) and transfer agent regulated by the U.S. Securities and Exchange Commission, a company statement said.

Tokenization firms have increasingly sought regulated entities to enter the U.S. market as interest in blockchain-based securities soars. Tokenization aims to bring traditional financial instruments such as bonds, stocks and funds on-chain, promising faster and 24/7 settlements, broader investor access and programmable transactions. Reports from Ripple, BCG, McKinsey, and Standard Chartered have projected that tokenized assets could scale into the trillions of dollars over the next decade.

This year, U.K.-based Archax acquired FINRA-regulated broker-dealer Globacap Private Markets to expand into the U.S. and Prometheum also announced a broker-dealer acquisition and transfer agent launch.

“This acquisition combines our brokerage platform and licenses with Ondo’s existing institutional-grade infrastructure and products, a comprehensive foundation for a regulated tokenized securities ecosystem,” said Oasis Pro CEO Pat LaVecchia, who is set to join Ondo when the acquisition closes.

Oasis Pro, founded in 2019 by, was one of the first U.S. firms authorized to settle digital securities in both fiat and stablecoins like USDC and DAI. It also contributed to shaping regulatory policy through FINRA’s Crypto Working Group.

Ondo, which already manages over $1.4 billion in tokenized assets, said it plans to roll out tokenized stocks for non-U.S. investors via its Global Markets platform in the coming months. Exchanges including Robinhood, Gemini, Kraken, and Bybit have introduced similar offerings recently.

The deal is pending regulatory approval.

Read more: Ondo, Pantera Capital to Invest $250M in Real-World Asset Projects

We are pleased to announce the launch of Kraken Prime, a dedicated, full-service prime brokerage solution dedicated to providing seamless access to institutional investors to trading, custody and fundraising through a unified platform.

Kraken Prime gives institutional clients access to deep multi-stage liquidity, sophisticated trading tools and high-touch client services. This is a strategic milestone and strengthens our ability to meet growing institutional demand by providing the performance, reliability and compliance standards expected from traditional prime brokers.

Launch Kraken Prime at a crucial moment. As regulatory clarity improves and market infrastructure matures, more institutions are appearing in crypto, including asset managers, hedge funds, and companies. These entities need partners who provide both technical refinement, facility grade compliance and dedicated 24/7 support to be deeply involved in the digital asset space.

The Kraken Prime was built from scratch to meet those needs. Clients have access to liquidity, which accounts for more than 90% of the digital asset market across more than 20 global venues, and provide 24-hour support from our experienced account management team. Transactions can be carried out directly from qualified custody rights managed by Kraken Financial, a US state bank. The platform also supports seamless integration with liquidity of both asset-backed loans, T+1 credit facilities, and on-platform via our in-house smart order routing system.

David Ripley, Kraken Co-CEO: “Kraken Prime is built to meet the execution quality and service expectations of today’s institutional investors. The infrastructure has been combat-tested in several market cycles and along with Kraken Prime, channeling its robustness and matchless expertise towards a Taedermade premium experience.”

“We bring a clear mission to this market. It offers not only performance quality, depth of service and the rigour of facilities beyond what traditional finance expects. The edge of KrakenPrime is to prioritize quality, reliability and consistency, which are particularly important in the volatile market.

The US Senate has passed a resolution to repeal a Biden-era rule that would require decentralized finance (DeFi) protocols to report to the Internal Revenue Service (IRS).

The Senate voted 70 to 27 on March 4 to approve a motion to repeal the rule that would expand existing IRS reporting requirements to include decentralized exchanges and require brokers to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

The resolution now moves to the House, where it will need to be passed before being sent to President Donald Trump. The White House’s AI and crypto czar David Sacks has said Trump supports killing the rule.

It follows a similar effort by House lawmakers, who advanced a resolution to repeal the rule on Feb. 26, which has yet to be voted on.

Eli Cohen, general counsel of the RWA tokenizing platform Centrifuge, said in a statement to Cointelegraph that the rule never made “any sense and was unworkable in practice.”

Still, given that it never went into force, all the requirements haven’t changed, he added.

“It just means that the taxpayer needs to report directly to the IRS without an intermediary taking on this obligation,” Cohen said.

Kristin Smith, CEO of the crypto advocacy group The Blockchain Association, said in a March 4 post on X that it was a big day for “DeFi – and the US crypto industry.”

“The effort to repeal this rule should be seen as part of a broader move to keep crypto in the US,” she said.

Related: Timeline: Trump’s first 30 days bring remarkable change for crypto

“DeFi is an American strategic strength, and today’s action helps ensure it will continue to develop on home soil,” Smith added.

Smith said this is the most pro-crypto Congress to date, and the resolution passing through the Senate was the first time the sentiment had been converted into action.

“This bodes well for the efforts to design and pass stablecoin and market structure legislation,” Smith said.

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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