Crypto Stakeholders Protest As U.S. Treasury Department and IRS Finalize New DeFi Broker Reporting Rule
Crypto stakeholders are protesting as the U.S. Department of the Treasury and the Internal Revenue Service (IRS) finalize new reporting rules for decentralized finance (DeFi) brokers.
According to a new press release by the Treasury Department, while the new rules don’t add any taxes on crypto assets, they require DeFi brokers to report on the gross proceeds of sales of their digital assets, making them follow the same rule as traditional securities brokers.
The rule also means that owners of digital assets who engage in DeFi transactions will receive the same form as well from their broker.
Aviva Aron-Dine, the Assistant Secretary for Tax Policy, says in the press release that the new rule will help taxpayers be…
