https://x.com/thecryptocpa/status/1872714547372671058?s=46

apparently - if you build a farcaster frame to let people swap coins, you are a broker and must KYC, compute gains and losses, and file a 1099-B when appropriate 😂😭

3/ ONLY the Interface layers (AKA front-end trading services) will be treated as "brokers" going forward. 

The IRS's general rationale is that trading front-end services have the closest relationship with customers.

4/ Without naming any specific products, front-end trading services could include:

Websites/unhosted wallets/extensions that enable you to swap coins through their interface. 

(I think we all use some of these great products)

If you are a front-end trading service, you will…