TechFlow news — On February 20, according to CoinDesk, major players in the cryptocurrency industry jointly issued an open letter calling on the U.S. Congress to repeal the recently introduced digital asset broker rules by the Internal Revenue Service (IRS). These rules would require decentralized finance (DeFi) brokers to comply with the same information reporting requirements as traditional securities brokers and exchanges.
The report stated that the Blockchain Association led the effort, with dozens of organizations including Coinbase, a16z, Paradigm, Kraken, Uniswap, and Anchorage Digital signing the letter. Republican Senator Ted Cruz of Texas has already introduced a resolution to repeal the rule under the Congressional Review Act.
These companies argue that the rule imposes an unfair burden on U.S. businesses and could severely hinder the development of DeFi innovation in the United States, as foreign competitors serving U.S. customers would not be subject to these requirements.
