The U.S. Treasury and the Internal Revenue Service (IRS) proposed a redefinition of a single word in a federal tax rule, which, if adopted, could permanently destroy or push offshore any decentralized finance (DeFi) project in the United States, according to the Blockchain Association. In a 33-page comment submitted to the IRS, the leading crypto lobbying group argued the proposed change would make any DeFi protocol subject to the same reporting rules as bond and stock brokers, an impossible standard to impose. The proposed rule is open to public comment until today, after which the IRS will decide on its adoption. While the IRS regulators were “engaged and asked thoughtful questions” at the public hearing, the Blockchain Association is “cautiously optimistic” of the outcome. #DeFi #IRS #BlockchainAssociation #CryptoNews #TaxRegulations

You can read more about this topic here: Decrypt: US Could Kill DeFi Unless IRS Changes Course on Tax Rules: Blockchain Association

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