Nearly every big name in the crypto industry has signed onto a letter calling for Congress to eliminate a U.S. tax policy they say could jeopardize decentralized finance (DeFi) technology by shoehorning much of that space into the field of brokers subject to data collecting and reporting.
The Internal Revenue Service — the U.S. Treasury Department’s tax arm — pushed through a key digital assets broker rule between Christmas and New Year’s, just days before President Donald Trump’s administration was set to arrive. It was meant to institute similar information-reporting demands on DeFi brokers as would be faced by securities brokers and exchanges.
Recently approved rules can be erased under the Congressional Review Act, and Senator Ted Cruz, the Texas Republican, introduced a resolution last week that would do just that. The unified industry letter on Wednesday — led by the Blockchain Association and joined by Coinbase, a16z,…
