Activists protest new tax reporting law in the DeFi industry in the US
The US Department of Treasury and the Internal Revenue Service (IRS) have finalized new laws for financial reporting in the decentralized finance (DeFi) sector, triggering negative reactions from industry activists. According to these laws, DeFi brokers must report their gross income from digital assets similar to traditional securities brokers. Kirstin Smith, CEO of the Blockchain Association, sees this move as the Biden administration’s final attempt to harm the digital currency industry before pro-digital currency policymakers take office. Jake Chervinksy, a prominent digital currency lawyer, deems this decision illegal and calls for its cancellation.
