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ππͺπ΄πΌππΆ β
@saulgoodmanbrba
π° Crypto industry calls on Congress to block new DeFi broker rules. The new IRS regulations classifying DeFi protocols as brokers have sparked backlash within the crypto community, with calls for Congress to overturn them. Announced on Dec. 27 by the U.S. Internal Revenue Service, the regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer (KYC) disclosures. The agency estimates these rules will impact up to 875 DeFi brokers. Critics argue they may be overstepping their authority and infringing on constitutional rights. βThis unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,β said Jake Chervinsky, chief legal officer at venture capital firm Variant. π‘ βFor the pro-crypto Congress next year, they can and should roll these back via the CRA process,β said Alexander Grieve from Paradigm. πͺ
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