Blockchain Association speaks again The Blockchain Association has written yet another letter.
Last month, the group responsible for bringing you this article brought to your attention a “consensus position” A warning is issued to Capitol Hill lawmakers about the market structure policy.
There are two options: they can act or perhaps “cripple DeFi innovation in this country altogether.”
If you don’t remember, there was a proposed rule — finalized under the Biden administration — that would expand the “broker” Definition includes software that allows access to DeFi protocol.
Blockchain Association states this “inappropriately and unlawfully misclassifies technology infrastructure as intermediaries” — forcing software companies that never take custody of users’ assets to nonetheless collect (and report to the government) those users’ personal info and transaction details.
John Thune and Chuck Schumer, as well as Reps. John Thune, Chuck Schumer and Reps. Mike Johnson, Hakeem Jeffreys, and Hakeem Johnson are all asked to vote. “yes” Repeal the DeFi broker regulation and support Sen. Ted Cruz’s Congressional Review Act resolution.
Kristin Smit, from the Blockchain Association reminded us of how far back this fight goes:
This new definition was then implemented by the IRS in 2023. The agency, in June 2024, applied the rule to centralized intermediaries — leaving out reporting requirements for decentralized or non-custodial brokers.
The IRS issued a new rule in December that imposes tax reporting duties on providers of crypto-software who do not serve as intermediaries.
Cruz, along with Rep. Mike Carey, made an effort to reverse this two days following Trump’s inauguration.
On February 26, members of the Blockchain Association are scheduled to meet with Congressional offices and discuss CRA’s resolution, according to a spokesperson. Uncertainty surrounds the exact date of a possible vote.
This latest letter includes: “Policy decisions with such severe consequences should be made by Congress deliberately — not accidentally through ill-conceived midnight rulemaking.”
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