Tag: brokers

  • IRS Releases Guidelines for Reporting Digital Assets, Designates Front-Ends as Brokers

    The regulatory landscape surrounding decentralized finance (DeFi) has been a subject of increasing scrutiny by financial authorities worldwide. In a significant development, the final regulation now classifies DeFi front-ends as brokers, thereby subjecting them to the requirement of disclosing gross proceeds from the sales of digital assets. This regulatory measure is poised to have profound…

  • Crypto Industry Urges Congress to Halt New DeFi Broker Regulations

    The recent classification of decentralized finance (DeFi) protocols as brokers by the Internal Revenue Service (IRS) has ignited a heated debate within the cryptocurrency sector. The decision has sparked widespread concerns and criticisms from various stakeholders within the industry, with many calling for legislative intervention to challenge and potentially overturn the new rules. The move…