IRS & US Treasury's Redefinition: A proposed tax rule seeks to redefine "broker," causing concerns.DeFi's Dilemma: This change poses a significant challenge for trustless and permissionless DeFi projects.Regulatory Hurdles: Compliance becomes impossible for DeFi as regulations demand user information collection.Blockchain Association's Alarm: Warning issued—this rule could potentially annihilate DeFi's existence within the US.Public Backlash: Over 124,000 comments flood the IRS, contesting the proposal within the 74-day open comment period ending today.

How the IRS Could Wipe Out DeFi in the US With One Word
According to reports, the US Treasury, as well as the IRS have now proposed a new tax rule.
According to this rule, the word “broker” is about to have a new meaning. And before long, if nothing is done, there might be serious consequences for the De-Fi industry in the US.
So what is in this “Tax Rule”?
According to the US Treasury and the IRS, the word “broker” is about to include any company or entity that stands as a middleman between two people who want to transfer digital assets to one another.
By this definition, the crypto industry is one huge broker.
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As such, “brokers” are obligated to provide information about their users, such as the amount sent, the identity of the senders, etc.
De-Fi literally means “Decentralized Finance”. And as such, the “broker” should not have any of these details required by the US Treasury.
Why This Rule Is A Pain In The Neck for DeFi
The Blockchain Association, in reaction to this new rule, has submitted a 33-page comment to the IRS.
According to the association’s comment, this rule will eventually kill DeFi.
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DeFi projects are designed to be trustless and permissionless. This means that the details of the senders and receivers should not be recorded anywhere else except the blockchain, and neither should the amounts sent.
This means that De-Fi protocols rely only on smart contracts and automation to execute transactions. Because of this, DeFi service providers simply cannot comply with these regulations, even if they wanted to.
The Blockchain Association also warns that this rule would create a serious privacy problem that crypto users have to live with, as it would expose their entire transaction history to the public.
Defi will inevitably die in the US
The blockchain association has also argued that doing this would be like posting customers’ social security numbers and credit card information online, which is unacceptable and dangerous.
Senior counsel to the Blockchain Association, Marisa Coppel, says that this rule would either drive DeFi projects out of the US or force them to shut down completely.
What the IRS Should Do Instead
The Blockchain Association instead asks the IRS to reconsider its definition of “broker” and exclude DeFi projects.
The IRS can adopt a more flexible approach to ensuring compliance.
This approach would recognize the diversity of the crypto ecosystem. The group also recommends that the IRS should engage with the crypto community to figure out a way forward.
And as such, the new proposal, while being open to 74 days of public comment that ends today, has received over 124,000 comments.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

#America #DEFI #crypto2023 #CryptoTalks

As a European who hadn't set foot in the United States since 2018, my recent journey through bustling metropolises like New York City and the dazzling oasis of Las Vegas left me with a whirlwind of impressions. The cultural contrasts between my home continent and America were stark, offering insights into the unique fabric of American society. Here's what stood out during my stateside adventure:
Financial Frankness
I was taken aback by how openly Americans discuss money matters. Unlike the often hushed tones surrounding finances in Europe, conversations about salaries, investments, and career ambitions flow freely here. This transparency was refreshingly honest, if a bit jarring at first.
Culinary Expectations vs. Reality
My anticipation to sample iconic American fast food chains was met with mixed results. Despite the hype, some famous burger joints left me underwhelmed. It seems the culinary reputation of certain establishments might be more myth than substance.
The Courtesy Conundrum
The ubiquitous "How are you?" greeting from service staff initially struck me as insincere. As someone accustomed to more reserved interactions, I gradually recognized this as a cultural quirk rather than a genuine inquiry.
Price Tag Surprises
Navigating the American system of unmarked taxes and expected gratuities was a constant mental exercise. The final bill often exceeded my initial calculations, making budgeting a challenge.
Aspirational Energy
The palpable sense of ambition and innovation in America is truly inspiring. There's an infectious optimism about the future and a belief in the power of individual initiative to effect change.
Volume and Vibrancy
American social spaces are notably louder than their European counterparts. The energetic buzz of conversations in restaurants and public areas took some getting used to.
Contrasts in Health and Lifestyle
I observed a fascinating dichotomy in American health habits. While some areas seemed to have higher rates of obesity, I also encountered numerous fitness enthusiasts and health-conscious individuals.
The Land of Plenty
From the 24/7 illumination of cities to the generous portion sizes in restaurants, America's abundance is on full display. This stands in contrast to the more conservation-minded approach common in Europe.
The Quest for Nutritious Options
Finding affordable, healthy meal options proved more challenging than expected, especially in tourist-heavy areas. This experience gave me a new appreciation for the accessibility of fresh, nutritious food in many European cities.
Service with a Smile
The attentiveness of American customer service was notable. While partially driven by tipping culture, the genuine effort to ensure customer satisfaction was evident and appreciated.
Embracing Risk and Reward
The American appetite for risk-taking and entrepreneurship was palpable. This boldness in pursuing new ventures and ideas stands out compared to the more cautious European approach.
Reflecting on my journey, I'm struck by how much can change in just six years. This trip not only rekindled my fascination with American culture but also deepened my appreciation for the diverse ways societies can function. While some aspects of American life left me perplexed, others inspired admiration.
As I return home, I carry with me a nuanced understanding of what shapes the American experience. This journey has reminded me of the value in stepping outside one's cultural comfort zone and the insights that can be gained from embracing unfamiliar perspectives.

#European #America #usa #Europe #AmericanDream

Step into the world of $AMERICA, where the spirit of freedom and community reigns supreme. Inspired by the revolutionary ideals of July 4th, 1776, $AMERICA isn't just another cryptocurrency—it's a vibrant project with a mission to make a difference. With a max supply of 177,600,000 tokens and a 2% buy/sell tax, it's not just about transactions; it's about fostering a strong community and supporting noble causes, especially those aiding our veterans.
Empowering Causes, Empowering Community
$AMERICA isn't just about making profits; it's about making an impact. With a proud history of donating over $25,000 to charities like the Wounded Warrior Project and The Children of Fallen Patriots Foundation, $AMERICA is committed to giving back. Every transaction contributes to these vital causes, creating a ripple effect of positivity that extends far beyond the world of cryptocurrency.
A Recent Act of Generosity
In it’s latest act of kindness $America donated $3,500 to a veteran suffering from PTSD due to his time served in Iraq. It’s a powerful reminder of the values $AMERICA stands for-compassion,generosity, and unwavering support for our heroes.
Charting a Path Forward
With a total supply of 177,000,000, and a current MCAP sitting at $2M, $AMERICA is poised for even greater success in the future. As it continues to unite crypto enthusiasts and make a real difference in the lives of others, $AMERICA is more than just a cryptocurrency—it's a movement. Join us as we journey together, spreading the message of freedom, community, and compassion to every corner of the globe.
CA: 0x1776b223ff636d0d76adf2290821f176421dd889
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#America #ETH