Congress just said it’s OK with cryptocurrency tax cheats
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Last month, in an exceedingly rare act of bipartisanship, the Senate voted 70–28 to approve a House resolution to repeal the “DeFi Broker Rule.” The decentralized financial broker rule, which was adopted by the Treasury last December, would have required certain facilitators of crypto-assets transactions on so-called decentralized exchanges to make information reports to the IRS and issue their clients 1099 forms—just like any other financial institution.
The rule targeted “front-end service providers” who are in a position to require customers to identify themselves, collect their…
