Almost all the big names in the cryptography industry have signed a letter calling on Congress to eliminate an American tax policy which, according to them, could compromise decentralized finance technology (DEFI) by closing a large part of this space in the Domain of brokers subject to collection and data reports.
The Internal Internal Service – The Tax Branch of the US Treasury Department – has gone through a key rule of the digital asset broker between Christmas and New Year, just a few days before the administration of President Donald Trump. It was intended to establish similar requests for information on the DEFI brokers, as confronted with brokers and exchanges of securities.
The recently approved rules can be erased under the Congressional Review Act, and Senator Ted Cruz, the Texas Republican, presented a resolution last week that would do exactly. The unified industry letter on Wednesday – directed by the Blockchain Association and joined by Coinbase, A16Z, Paradigm, Kraken, Uniswap, Anchorage Digital and dozens of others – asks the rest of the Congress to adopt Cruz’s measure.
“The Defi Courtier rule, finalized in the decreasing days of the Biden administration, represents the regulatory overtaking which fundamentally overlooked the technology it is trying to regulate and ignore the intention of the congress,” according to the letter, sent to managers of the two chambers of the congress. The use of the power of the Congress to reverse the regulations of federal agencies offers “a clear and final path to make this harmful rule back before being able to take effect”.
Companies have collectively argued that the rule unjustly targeting American companies with rules that foreign competitors would not have to follow during the maintenance of American customers.
“This unique burden for American companies alone could completely paralyze the innovation of Defi in this country,” they said.
The arc can be a powerful but sometimes frank tool which increased in popularity during the first term of President Donald Trump. Where it is frank is in its side effect: any reversed regulatory subject in this way can never be reintroduced in a similar way, which potentially makes regulations more user -friendly in the same area.
When the congress sought to use it to repeal the accounting policy of the Securities and Exchange Commission commission, the accounting bulletin of staff n ° 121, the minority which opposed the effort arose that it would be the future efforts of the dry to combat the accounting of digital assets. While the two chambers approved this arc effort, the president of the time, Joe Biden, opposed his veto to the attempt, leaving Mark Uyeda, acting chief of Trump, to move recently to obtain the same thing accomplished internally.
