Proposed IRS Crypto Rules Could Drive DeFi and NFT Projects Offshore, Industry Warns
-
The proposed IRS rule change would require DeFi protocols to track user information, destroying privacy and pushing projects abroad.
-
The rule would classify all crypto exchanges and DeFi protocols as "brokers", subjecting them to impossible reporting standards.
-
The Blockchain Association argues this will eliminate US-based DeFi projects or drive them offshore.
-
Over 124,000 public comments have been submitted against the proposed rule change ahead of today's deadline.
-
The IRS held a public hearing today and seemed receptive to concerns about impacts on decentralized tech, NFTs, and stablecoins.