“In what may be a big test of the Crypto Sector’s New Influence Over A Markedly Friendlier US Congress, It’s Asking for the Reversal of An Incoming Tax POLYY.”, – WRITE: www.coindesk.com
The International Revenue Service – The Us Treasury Department’s Tax Arm – Pushed Through A Key Digital Assets Broker Rule Between Christmas and New Year’s, Just Daysstr IT WAS MEANT TO INSTITUTE SIMILAR INFORMATION-REPORTING DEMANDS ON DEFI BROKERS As Wuld Be Faced by Securities Brokers and Exchanges.
Recently Approved Rules Can Be Erassed Under the Congressional Review Act, and Senator Ted Cruz, The Texas Republican, Introduced A resisolution last weevek that wound to do just that. The Unified Industry Letter on Wednesday – Led by the Blockchain Association and Joined by Coinbase, A16z, Paradigm, Kraken, Uniswap, Anchorage Digital and Dozens of Other – Cruz’s Measure.
“The Defi Broker Rule, Finalized in the Waning Days of the Biden Administration, Represents Represents Regulatory Overreach that Fundamentaly Misunders of the Technology ITTEMPTS AGULATES Accorness to the Letter, Sent to the Leadership in Both Chambers of Congress. Using Congress’s Power to Reverse Federal Agency Regulations Offers “a Clear and definitive Path to Rolling Back This Damaging Rule Before It Can Take Effect.”
The Businesses Collectvely Argued that The Rule Unfairly Targets US FIRMS WITH RULES THAT Foreign Competitors wouldnn’t have to follow when servicing US Customers.
“This Unique Burden on American Companies Alone Could Cripple Defi Innovation in this Country Altogethher,” They Said.
The Cra Can Be A Powerful But SomeTimes Blunt Tool that Spiked in Popularity Durying President Donald Trump’s First Term. WHERE IS BLUNT IS IN ITS Secondary Effect: Any Regulatory Topic Reversed in this Way Cani Never Be Reintroduced in Any Similiar Fashion, Potentilly Making It Diffely APLILIULI
WHEN CONGRESS SOUGHT TO USE IT to REPEAL The Securities and Exchange Commission’s Crypto Accounting Policy, Staff Accounting Bulletin NO. 121, The Minority Who Opped The Effort Argued that It Wound Hamstring Future Sec Effrts to Address Digital Assets Accounting. While Both Chambers Did Approve That Cra Effort, Then-President Joe Biden Vetoed the Attempt, Leaving Trump’s Interim Sec Chief, Mark Uyeda, To Move Recently Tota Get.
A CRA Resolution Needs Majority Approval in Both Chambers of Congress Before It Can Be Sent to President Trump for a Potential Sign-Off. After the 2024 Elections, Many More Pro-Crypto Lawmakers Are Walking The Halls on Capitol Hill, Thought Congressional Attraction Is A Hot Commodity, and Other Pressing Matters Such.
Beyond The Letter, Other Crypto Organizations Are Also Weighting In. A SpokesPerson from the Defi Education Fund SAID IS “Thrilled” to See Momentum Building Against the “Unconstational” Rule the Group Is Committed To Ensuring.
Read More: US Treasury Issues Crypto Tax Regime for 2025, Delays Rules for Non-Custodians
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