Republican Senator Ted Cruz plans to introduce a Congressional Review Act resolution next week that seeks to overturn a controversial tax rule that requires certain decentralized financial brokers to file total earnings reports.
A month ago, the IRS created a rule that would require "DeFi brokers" to collect user transaction information just like traditional securities brokers. Some "decentralized finance industry players" would have to send customers 1099 tax returns, which are used to report payments not normally from employers, such as gambling bonuses, rents and royalties.
"This rule is designed to target decentralised finance," Mr. Cruz said in a statement. "It would severely violate Americans' privacy and security, while stifling innovation and potentially undermining the development of decentralised finance and cryptocurrencies in the US."
U.S. Senator Ted Cruz plans to overturn controversial IRS crypto tax rules
2025-01-17 22:49:31
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