Legislers in the US prepare a Congressional Review Act (CRA) that will challenge the rules of the Internal Revenue Service (IRS) Makelaars, whereby Defi participants must report User data to the Agency.
FOX Business reporter Eleanor Terrett revealed on 4 March that the Republican Senator Ted Cruz is the most important efforts to introduce the CRA. The first vote was set before March 5, but planning conflicts, including the upcoming State of the Union address, can cause delays.
According to Terrett:
“This CRA, if with a simple majority in both rooms, would withdraw the IRS broker rule of the American treasury that expands the definition of a ‘broker’ to record Defi developers. Proponents of the CRA say that the rule, as it looks now, is not suitable for the unique nature of Defi. “
The IRS broker rule, completed last year, imposes new tax reporting requirements on entities that handle digital assets.
It classifies brokerage-including Defi Front-ends and responsible for following user activity, reporting transactions and enforcing compliance measures. The rule also requires Defi -Platforms implement Know Your Customer (KYC) processes.
In addition, the regulation applies to all digital assets, including non-fungal tokens (NFTs) and Stablecoins.
The White House supported the move, with Crypto Tzar David Sacks who made a public explanation On Tuesday the “so-called real estate agent Defi rule, an 11th hour of attack on the crypto community by the Biden administration.”
Peter van Valkenburgh, executive director of Crypto Think Tank Coin Center, criticized the rule for the treatment of software developers and infrastructure providers as brokers.
He argued that maintaining such measures undermines privacy rights, ignoring two -part concerns and discourages technological progress.
In view of this, Valkenburgh emphasized that the outcome of this vote will serve as an early indicator of the US government for digital assets regulations in the coming years.
According to him:
“There is much talk about the new congress that takes on a friendlier attitude in the direction of Crypto; This vote will be a decisive first test of that theory. “
In the meantime, withdrawing the rule would correspond to the wider pro-Crypto attitude of the Donald Trump government and reinforce the growing influence of pro-Crypto legislators.