This article is about blockchain, business, and technology news. Here’s the summary:

The U.S. Internal Revenue Service’s (IRS) new reporting rule that defines decentralized finance (DeFi) front-ends as broker-dealers has had a major impact on the crypto industry. Alex Thorn, head of research at Galaxy Digital, outlined three potential options for DeFi if the IRS rule is not withdrawn. DeFi services could agree to comply with IRS reporting requirements, attempt to block users from the U.S., or stop smart contract upgrades and revenue generation. Crypto industry representatives have taken action to oppose the rule. Share your views in the comments.