Blockchain Association Urges Congress to Back Cruz Measure to Overturn DeFi Broker Rule

February 20, 2025 Bitcoin.com

bitcoin.com

The Blockchain Association is urging Congress to support a measure sponsored by Sen. Ted Cruz that aims to overturn the Internal Revenue Service’s decentralized finance broker rule. Broker Rule Threatens U.S. DeFi Leadership The Blockchain Association has urged the U.S. Congress to pass a measure sponsored by Senator Ted Cruz that seeks to “overturn the […]

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US Lawmakers Unite to Block IRS Rule Threatening Defi and Crypto Innovation

January 24, 2025 Bitcoin.com

bitcoin.com

Lawmakers are pushing back on a Biden administration rule redefining decentralized finance participants as “brokers,” warning it risks stifling U.S. cryptocurrency innovation and driving it overseas. Biden’s Crypto Rule Sparks Backlash: Will It Push Blockchain Innovation Overseas? U.S. Senator Ted Cruz (R-Texas) and Representative Mike Carey (R-Ohio) have introduced a joint resolution aimed at overturning […]

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Report: Ted Cruz Aims to Target Crypto Tax Rule With CRA Resolution

January 18, 2025 Bitcoin.com

bitcoin.com

Axios reports that Sen. Ted Cruz, a Republican from Texas, plans to wield the Congressional Review Act (CRA) next week to challenge a tax regulation that infringes on the rights of cryptocurrency brokers. This move is seen not just as a procedural tactic but as a principled stand against the expanding reach of governmental authority […]

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IRS on the Chopping Block: Rep. Buddy Carter’s Vision for a Fairer America

January 13, 2025 Bitcoin.com

bitcoin.com

Rep. Buddy Carter (R-GA) has introduced the Fair Tax Act, a sweeping proposal to dismantle the federal tax code, abolish the IRS, and replace it with a national consumption tax—a move aimed at restoring individual economic freedom and limiting government overreach. Buddy Carter’s Fair Tax Act In a so-called act of principled defiance against an […]

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IRS Crypto Tax Reporting Requirements Stir up Mass Confusion

January 3, 2025 Bitcoin.com

bitcoin.com

Some in the crypto community assumed the IRS was backpedaling on reporting requirements, but all requirements are still firmly in place, the agency simply announced a grace period for exchanges to upgrade their technology. IRS Grants Crypto Exchanges More Time to Implement Platform Upgrades Confusion ran rampant on Thursday after several publications posted ambiguous headlines […]

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IRS Postpones Implementation of New Tax Rules for Crypto Asset Holders Interacting With Centralized Exchanges

January 3, 2025 The Daily Hodl

crypto

The Internal Revenue Service (IRS) is suspending the implementation of new tax rules that will affect investors who hold crypto assets in centralized exchanges. On July 9th, 2024, the Treasury Department and the IRS published the final rules for determining the order of selling crypto assets held in centralized finance (CeFi) platforms. Investors should choose […]

The post IRS Postpones Implementation of New Tax Rules for Crypto Asset Holders Interacting With Centralized Exchanges appeared first on The Daily Hodl.

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IRS Issues Crypto Relief – Here’s How to Avoid Higher Taxes in 2025

January 1, 2025 Bitcoin.com

bitcoin.com

The IRS will allow crypto holders on centralized exchanges to bypass strict tax regulations in 2025, preserving flexibility in reporting and tracking digital asset sales. IRS Announces Temporary Relief for Some Crypto Holders The Internal Revenue Service (IRS) has issued a temporary relief measure, which is expected to benefit cryptocurrency holders using centralized finance (cefi) […]

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Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking

December 30, 2024 The Daily Hodl

Blockchain Association

A prominent nonprofit crypto advocacy group is filing a lawsuit to dispute new reporting rules for decentralized finance (DeFi) brokers. In a new press release, the Blockchain Association says the “midnight” decision by the Internal Revenue Service (IRS) and the Treasury Department to force DeFi protocols to follow the same reporting rules as securities brokers […]

The post Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking appeared first on The Daily Hodl.

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Crypto Industry Strikes Back: Lawsuit Challenges ‘Unconstitutional’ IRS Regulations

December 29, 2024 Bitcoin.com

bitcoin.com

The Blockchain Association, the Defi Education Fund, and the Texas Blockchain Council are preparing to fight back against the recently finalized so-called crypto ‘broker’ rules issued by the Treasury and the IRS. The coalition asserts that these rules are unconstitutional and represent regulatory overreach by these agencies. Crypto Coalition Files Lawsuit to Push Against IRS […]

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DeFi has 3 options if IRS rule isn’t rolled back — Alex Thorn

December 29, 2024 Coin Telegraph

Coin Telegraph

The United States Treasury Department and the Internal Revenue Service (IRS) received more than 44,000 comments after proposing the rule.

The recent Internal Revenue Service (IRS) reporting rule designating decentralized finance (DeFi) front-ends as brokerages has sent shockwaves through the crypto industry. Alex Thorn, the head of research at Galaxy Digital, outlined three potential options for DeFi if the IRS rule is not backtracked.

According to Thorn, DeFi services and applications can comply with the IRS reporting requirements and accept the designation as a brokerage, attempt to block users from the United States, or abandon smart contract upgrades and revenue generation. Thorn wrote:

"Said another way, extremely decentralized applications are not in a position to know and thus could not comply with broker reporting requirements," Thorn continued.

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