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IRS DeFi Broker Rule Sparks Backlash: Crypto Experts Weigh In
The recent decision by the Internal Revenue Service (IRS) to classify certain DeFi protocols as brokers has sparked a massive backlash within the crypto community. Many experts have come forward, questioning the ruling’s impact on the industry and expressing their disapproval.
John Deaton, a pro-XRP lawyer, described the situation as “awful” and “un-American.” He emphasized that the decision will severely hinder the growth of DeFi protocols, ultimately disrupting the entire ecosystem.
In an effort to combat this issue, Uniswap’s Chief Legal Officer Katherine Minarik expressed doubts regarding the ruling’s durability, highlighting potential challenges that could arise from it. Furthermore, she stressed the importance of establishing clear boundaries for regulating technology beyond the crypto industry.
The decision has also elicited strong words from other experts in the field. Hayden Adams, CEO of Uniswap, urged Congress to take immediate action under the Review Act, stating that this “unlawful rule is the dying gasp of the anti-crypto army on its way out of power.”
Source: cryptotale.org
