American legislators are preparing a law on the revision of the Congress (CRA) which will dispute the rules of the Broker of the Internal Revenue Service (IRS), which oblige participants in DEFI to report the data of users to the agency.
Fox Business journalist Eleanor Terrett revealed on March 4 that Republican senator Ted Cruz was trying to present the arc. The initial vote was set for March 5, but the schedule conflicts, including the next speech on the state of the Union, can lead to delays.
According to Terrett:
“This arc, if it was adopted with a simple majority in both chambers, would repeal the Rule of the IRS broker of the American Treasury which extends the definition of a” broker “to include the Defi developers. Arc defenders say that the rule, as it is, is not adapted to the unique nature of DEFI. »»
The IRS broker rule, finalized last year, requires new tax declaration requirements to entities that manage digital assets.
It classifies brokers, including DEFI fronts, as responsible for monitoring user activity, transactions declaration and application of compliance measures. The rule also obliges the DEFI platforms implementation of processes know your customer (KYC).
In addition, the regulation applies to all digital assets, including non -butties (NFTS) and stablecoins.
The White House supported this decision, with the Crypto Tzar David Sacks making a public declaration Tuesday, calling for the “so-called rules of the broker Defi, an 11th hour attack against the cryptographic community by the Biden administration”.
Peter Van Valkenburgh, Executive Director of Crypto Think Tank Coin Center, criticized the rule to treat software developers and infrastructure providers as brokers.
He argued that the application of such measures compromises privacy rights does not take into account bipartite concerns and discourage technological progress.
Given this, Valkenburgh stressed that the outcome of this vote will serve as an early indicator of the American government’s approach to the regulation of digital assets in the years to come.
According to him:
“It has been a lot of talk about the new congress adopting a more friendly position towards the crypto; This vote will be a first decisive test of this theory. »»
Meanwhile, the revocation of the rule would align with the broader pro-Crypto position of the Donald Trump administration and strengthen the growing influence of Pro-Crypto legislators.
