Uniswap’s Chief Legal Officer, Katherine Minarik, strongly opposes the IRS’s ruling, categorizing decentralized exchanges (DEXs) like brokers. She argues that these DeFi platforms simply facilitate transactions and should not be classified as brokers.
The IRS’s ruling requires reporting of transaction proceeds by 2027, placing a heavy compliance burden on DEXs. Critics highlight the lack of traditional reporting infrastructure on these platforms, potentially causing technical complexities for compliance with these new regulations.
Uniswap CEO, Hayden Adams, and other industry leaders call for legal action against the IRS ruling. They advocate for using the Congressional Review Act or legal measures to repeal the decision, emphasizing the need for policy reevaluation and protecting the decentralized model.