The U.S. Internal Revenue Service’s (IRS) new regulations classifying decentralized finance (DeFi) protocols as intermediaries have been met with a huge backlash in the crypto industry. These regulations treat front-end protocols that facilitate digital asset transactions as intermediaries and require Know Your Customer (KYC) information.

Industry leaders like Jake Chervinsky and Alexander Grieve argue that these regulations overstep legal bounds and should be repealed by the new Congress.

What are your thoughts on the impact and potential consequences of the new rules? Share your thoughts in the comments.