C4C | 02-04-25 PM: Congress Eyes Crypto Tax Repeal

In a significant legislative push, Republican lawmakers, including Senator Ted Cruz and Representative Mike Carey, are advocating for the repeal of a tax-compliance rule that mandates decentralized finance (DeFi) platforms to report transactions to the IRS. The proposed repeal, utilizing the Congressional Review Act, argues that the existing rule exceeds congressional intent and imposes undue burdens on companies.

While proponents of the repeal emphasize the need to foster innovation and reduce regulatory hurdles, tax experts express concerns that eliminating the reporting requirement could facilitate tax evasion by limiting the IRS's access to DeFi transaction data. The outcome of this legislative effort could have far-reaching implications for the crypto industry's regulatory landscape and its relationship with federal authorities.

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