Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11975
Markets: 92589
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11975
Cryptocurrencies
54.28%
Bitcoin Share
The Coin Rise 2024-12-28 10:20:34

IRS Faces Backlash Over New Crypto Reporting Rule Targeting Decentralized Platforms

IRS Faces Backlash Over New Crypto Reporting Rule Targeting Decentralized Platforms

The United States Internal Revenue Service (IRS) is under fire for its recently finalized regulations requiring decentralized exchanges (DeFi) to adhere to the same reporting standards as traditional brokers. The rule, set to take effect in 2027, mandates that front-end DeFi platforms disclose gross proceeds from digital asset sales and report user transaction details. Industry Leaders Voice Legal Concerns Crypto executives and legal experts, however, are skeptical about the rule’s longevity. Uniswap’s Chief Legal Officer, Katherine Minarik, voiced strong opposition, noting the lack of a “limiting principle” in the IRS’s interpretation. “The IRS appears to classify DeFi technology as brokers simply for being involved in part of a transaction,” Minarik stated in a Dec. 27 post on X (formerly Twitter), urging the industry to challenge the regulation. Uniswap CEO Hayden Adams also echoed similar concerns, expressing hope that the rule will be overturned under the Congressional Review Act. Even if it passes this legislative hurdle, Adams is optimistic that it won’t withstand legal challenges. Compliance Burdens and Industry Pushback The implications of the IRS’s rule are far-reaching, with compliance costs expected to weigh heavily on DeFi platforms . Robin Singh, CEO of crypto tax platform Koinly, explained that decentralized platforms lack the centralized structures required for traditional reporting. This fundamental difference poses major operational and technical hurdles. Bill Hughes, a lawyer at blockchain firm Consensys, criticized the regulation as “all cost, no benefit” from a revenue perspective. Hughes noted that the rule’s scope, which includes tracking global users and reporting on transactions involving stablecoins and non-fungible tokens (NFTs), places an undue burden on DeFi platforms. Hughes further criticized the timing of the announcement, describing it as a calculated move by the outgoing administration to avoid scrutiny. He also pointed out that the rule is likely to face Congressional review, where lawmakers could block its implementation. As DeFi continues to grow, the resolution of this conflict could set a significant precedent for how regulators interact with emerging blockchain innovations. The post IRS Faces Backlash Over New Crypto Reporting Rule Targeting Decentralized Platforms appeared first on TheCoinrise.com .

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
54.28%
Bitcoin Share
7
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.