U.S. Lawmakers are pushing back against a new IRS rule that threatens to redefine decentralized finance participants as brokers, resulting in strict reporting requirements.
Critics argue that this regulation could hinder U.S. Cryptocurrency innovation and force it to migrate abroad, undermining the foundational purpose of DeFi technology.
Senator Cruz and Representative Carey have introduced a resolution to overturn the rule, emphasizing the need to protect innovation in the digital asset industry.