Cryptocurrency activists protest new US DeFi tax reporting law
The US Treasury Department and the Internal Revenue Service (IRS) finalized new rules for financial reporting in the field of decentralized finance (DeFi), which has been met with negative reactions from industry activists.
Under these rules, DeFi brokers must report gross proceeds from the sale of their digital assets, just like traditional securities brokers.
Kirstin Smith, CEO of the Blockchain Association, called the move a final attempt by the Joe Biden administration to harm the cryptocurrency industry before pro-crypto politicians come to power.
Jake Chervinksy, a prominent cryptocurrency lawyer, also called the decision illegal and called for its repeal.

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