Quick ahead two years and fears in regards to the dealer definition have come true. It’s clear that the Treasury determined to broaden the scope of what it deems a dealer regardless of the statutory language set by Congress. Whereas there are various within the digital belongings business that do match the pure and conventional understanding of the time period “dealer,” akin to centralized, custodial exchanges, it’s apparent that others, akin to decentralized finance (DeFi) software program builders and non-custodial pockets software program suppliers, shouldn’t be swept up by this definition.