TechFlow — Delphi Labs researcher lex_node tweeted that the U.S. Department of the Treasury has just released a proposed fiscal regulation targeting cryptocurrency brokers, explicitly classifying various participants in DeFi—including operators of websites that communicate with wallets—as brokers. Many DeFi network applications serving U.S. users would now be required to track users’ gains and losses and issue annual tax reports. This could deliver a devastating blow to the use of peer-to-peer (P2P) protocols in the United States. It may even affect Ethereum, as it can be used in conjunction with smart contracts. Furthermore, lex_node speculated that KYC and tax reporting obligations will extend to MetaMask, operators of network applications such as AMMs, and potentially DAOs as well.
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