The Internal Revenue Service building in Washington. Photo: Allison Bell/ALMCrypto Groups Sue IRS Over Decentralized Finance Reporting Rule
“Complying with those requirements is impossible if DeFi is to remain what it is, because complying with those requirements would require DeFi entities to become brokers when their defining characteristic is that they are not intermediaries,” the complaint stated.
January 02, 2025 at 04:21 PM
3 minute read
The U.S. Treasury Department and Internal Revenue Service finalized a rule last week defining decentralized finance platforms as brokers for tax-reporting purposes, a move cryptocurrency groups called industry-crippling and quickly challenged in court as violating constitutional rights to due process and protection against unreasonable searches.
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