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US IRS Nightly Regulations Spark Decentralized Finance Crisis! Decentralized Finance Operators Join Forces to Sue to Defend Innovation, a16z: Treasury Department Exceeds Authority
The Internal Revenue Service (IRS) ruled on 12/27 that Decentralized Finance operators must collect user data, triggering a strong Rebound in the industry. Related lawsuits also officially began on 12/27, with prominent venture capital firm a16z fully supporting the lawsuit.
IRS requires Decentralized Finance operators to collect user transaction data
The Internal Revenue Service (IRS) is proposing a regulation in August 2023 for decentralized finance (DeFi) operators, requiring them to report user transaction information to the IRS to close tax loopholes.
According to IRS statistics, this regulation will affect about 650 to 875 Decentralized Finance platforms and 2 million taxpayers in the United States. However, the industry believes that Decentralized Finance is all about decentralization and no intermediaries, and IRS forcing operators to act as brokers is both unreasonable and contrary to the technical aspect.
The IRS proposed new regulations for Decentralized Finance operators in August 2023. The IRS pushed the new regulations late at night, and the industry criticized excessive regulation.
And just on the late night of 12/26 this year, the U.S. Department of the Treasury added new regulations following the IRS regulations in August last year, requiring Decentralized Finance operators to collect and report user information and transaction records from the front-end services of their own platforms to the IRS, aiming to narrow the information gap related to cryptocurrency taxation and promote tax compliance. The news immediately triggered a strong rebound in the industry, believing that this move poses a threat to U.S. technological innovation and may force relevant technologies to move out of the United States.
a16z enters the battle, fully supporting the defenders of Decentralized Finance
Michele Korver, head of the crypto regulatory department at the well-known venture capital firm a16z, quickly expressed opposition to the new IRS regulations, stating that Decentralized Finance has the potential to make financial services more widespread and efficient, and to provide services with consumer demand at its core. However, this new regulation directly poses a "threat" to the development of Decentralized Finance.
Korver pointed out that the new regulations of the IRS not only exceeded the authority but also violated the Administrative Procedure Act (APA), which is completely unconstitutional, and called on all decentralized finance operators to sue the IRS with full support.
a16z supports Decentralized Finance operators in filing a lawsuit against the IRS to protect their rights. The lawsuit has been launched, and the coalition is challenging the IRS and the Department of the Treasury.
The industry consortium of Decentralized Finance officially filed a lawsuit against the US Department of the Treasury, the IRS, and Treasury Secretary Janet Yellen on 12/27. The lawsuit emphasizes that the operating model of Decentralized Finance is completely different from traditional finance, and the new regulations do not take into account the technical characteristics of Decentralized Finance. If Decentralized Finance operators are forced to comply with the new regulations, it will create unnecessary legal issues and technical burdens, potentially destroying the entire industry.
The litigation team also urged the court to immediately revoke this provision, stating that it is already over-regulated, and promised to work with Congress and the new Trump administration to promote the formulation of regulatory policies that better fit the characteristics of Decentralized Finance.
(The IRS in the United States reignites the controversy over cryptocurrency: should staking rewards be taxed, and POSA calls for 'stop sowing seeds of confusion')
This article: US IRS New Rule in the Middle of the Night Triggers Decentralized Finance Crisis! Decentralized Finance Operators Unite to Sue to Defend Innovation, a16z: The Treasury Department Has Exceeded Its Authority, First Appeared on Chain News ABMedia.