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Home»Taxes & Regulation»DeFi proponents to fight US IRS tax code
Taxes & Regulation

DeFi proponents to fight US IRS tax code

December 28, 2024No Comments2 Mins Read
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The U.S. Internal Revenue Service recently issued updated rules that would require DeFi brokers to comply with long-standing securities regulations, sparking debate within the crypto industry. The IRS’s new guidelines, published on Dec. 27, would impose traditional financial institution-like requirements on “front-end” DeFi operators who manage websites providing access to decentralized exchanges and other web3 platforms for both U.S. and non-U.S. users.

Under the finalized rules, DeFi brokers would be mandated to collect user activity data and report on cryptocurrency transactions, including digital assets like NFTs and stablecoins. The IRS emphasized that these measures are aimed at standardizing reporting requirements and ensuring a level playing field for all participants in the crypto space.

However, industry stakeholders have raised concerns about subjecting digital assets to existing securities laws, arguing that the unique nature of cryptocurrencies warrants a different regulatory approach. The Treasury Department and the IRS, in a joint statement, firmly rejected this notion, asserting that DeFi participants should comply with the same information reporting rules as any other financial services business.

The IRS had previously released proposed tax reporting policies for DeFi and crypto in August 2023, followed by revised guidelines that included exchanges in its compliance framework. The prospect of decentralized exchanges like Uniswap being required to disclose KYC information to authorities has sparked controversy among crypto advocates.

Despite pushback from industry leaders against the IRS’s initial tax proposals, further resistance is anticipated. Bill Hughes, a senior attorney at Consensys, predicted ongoing challenges to the agency’s regulatory efforts, citing concerns over the potential impact on privacy and the compliance challenges faced by DeFi protocols.

See also  Hong Kong's path to crypto-friendly leadership expands with tax framework adoption

Digital asset advocacy groups, including The Blockchain Association, have vowed to take “aggressive action” against the IRS policies, potentially resorting to Congressional lobbying and legal action to contest the new rules. Unless met with significant opposition, the revised regulations are set to come into effect by Jan. 1, 2027.

The timing of the IRS’s announcement, during the holiday season and on the last Friday of 2024, has also drawn criticism for its perceived attempt to minimize attention and scrutiny. Crypto industry insiders have expressed determination to challenge the new regulations and ensure that the concerns of DeFi participants are adequately addressed.

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