IRS And Treasury Impose New Tax Rules For Crypto DeFi Platforms

The IRS and U.S. Treasury have finalized a controversial new rule requiring DeFi platforms to implement KYC procedures and report user transactions, treating them as traditional brokers. Effective by 2027, these regulations have sparked backlash for potentially overreaching legal authority, threatening privacy, and risking innovation in the decentralized finance space. source: https://www.thestreet.com/crypto/policy/irs-and-treasury-impose-new-tax-rules-for-crypto-defi-platforms-