The Blockchain Association and 75 companies have appealed to the U.S. Congress to repeal a new Internal Revenue Service (IRS) rule that classifies decentralized finance (DeFi) software as “brokers.” This regulation requires developers to collect and provide users’ personal data, which critics argue could stifle innovation and push projects overseas.
Senator Ted Cruz has introduced a resolution to overturn this rule, emphasizing the need to protect the United States’ technological leadership.
