US Lawmakers Join Forces to Block IRS Rule Targeting DeFi and Crypto Innovation
U.S. Senator Ted Cruz and Representative Mike Carey introduced a resolution on January 22 to overturn a controversial IRS rule that redefines decentralized finance (DeFi) participants as “brokers,” subjecting them to strict reporting requirements.
The rule, finalized in December 2024, has sparked backlash from lawmakers and industry groups, who argue it could push crypto innovation overseas and overwhelm the IRS with excessive digital asset returns. Cruz and Carey warn that the regulation undermines the goal of DeFi technology and stifles American innovation. The resolution has gained broad support and underscores the ongoing debate over balancing crypto regulation and technological growth.
Clever Robot News Desk 26th January 2025
