Cripto industry is looking for an American Congress to fire the IRS Defi broker rule

Almost every big name in the Cript industry signed a letter by calling Congress Eliminate US Tax Policy They say that it could jeopardize decentralized finance technology (defined finance, increasing the large part of that area in the field of intermediaries who are subject to data collection and reporting.

Internal Income Service – Tax Hand of the Department of the Ministry of Finance in the Ministry of Finance Digital property broker rule Between Christmas and New Year, just a few days before the Administration of President Donald Trump was set up. It was supposed to establish similar requests for reporting information on the DEFs Brokers, with which they would face brokers and exchanging securities.

Recently approved rules can be deleted under CONGRESSEAL REVIEV Law on Review and Senator TED Cruz, Texas Republican, introduced a resolution It would just do that last week. The united letter about the industry on Wednesday led by the Connection Association, A16Z, Paradigma, Kraken, Unisvap, joining digital and dozens of others – asks the rest of the Congress to accept Cruz’s measure.

“Rule of Defials, finalized in the decade of Biden administration, is a regulatory turbulence basically a non-understanding technology that tries to regulate and ignore congress intent”, according to the letter, sent by leadership in both Chambers of Congress. The use of Congress’s strength to cancel federal agencies, the regulations offer a “clear and definable path to return this rule damage before it can take effect”

Companies collectively claimed that the rule was unfairly the target of the American company with the rules that foreign competitors would not have to follow when servicing American customers.

“This unique burden on American companies could completely easier to easily deficient in this country,” they said.

CRA can be powerful, but sometimes a blunt tool that spread popularity during the first term of President Donald Trump. Where there is a blunt in its secondary effect: each regulatory topic can never be re-introduced in this way, it is potentially difficult to implement friendly regulations in the same area.

When Congress sought to use it to abolish the cropptological policy of securities, accounting newsletters of staff no. 121, a minority that opposed the effort claimed that this would abolish future efforts to try to account for digital property accounting. While both chambers have approved that CRA effort, Then President Joe Biden Vetoo triedleaving Trump’s temporary boss, Mark Uyeda, to move recently to get The same thing realized internally.

RAK resolution needs majority approval in both chambers of the Congress before it can be sent to Trump presidents on potential check-out. After the election 2024. years, many pro-crypto legislators walk with the corridors at Capitol Hill, although congress attention is warm goods and other urgent issues such as the federal budget.

In addition to the letter, other cryptic organizations also weigh. The Defecting Fund Deficiency said that “enthusiastic” was to see a swing building against the “incomprehensible, unconstitutional” rule to devote the group to ensure.

Read more: The US Treasury issues a CRIPTO tax regime for 2025. year, delays the rules for non-custine