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New IRS Rules Mandate Reporting For DeFi Brokers: What This Means For Crypto Transactions
In a significant development for the cryptocurrency landscape, the US Internal Revenue Service (IRS) has introduced new regulations mandating reporting for decentralized finance (DeFi) brokers. These rules have far-reaching implications for crypto transactions and will be in effect starting next year.
According to sources close to the matter, DeFi brokers are now required to report all digital asset sales exceeding a specific threshold. This includes exchanges, derivatives trading platforms, and other similar entities that facilitate peer-to-peer trades.
The new regulations have sparked debate within the DeFi community, with some experts arguing that they exceed the IRS’s statutory authority and violate constitutional principles. Jake Chervinsky, a prominent lawyer supporting cryptocurrency, has voiced his opposition to these rules, stating that they are an attempt by the anti-crypto army to undermine the decentralized ecosystem.
However, others believe that these regulations will help in closing tax loopholes highlighted in the 2021 federal infrastructure law and strengthen regulatory oversight within the crypto space.
Source: bitcoinist.com
