“DeFi is 'conquered', IRS new regulations ignite community anger, Blockchain Association takes up arms!”
Recently, the U.S. Internal Revenue Service (IRS) announced new regulations, categorizing some DeFi protocols as “brokers,” requiring the disclosure of KYC information, affecting up to 875 platforms. This move has directly pushed DeFi into the spotlight, causing the community to collectively “explode”!
The Blockchain Association quickly joined forces with the DeFi Education Fund and the Texas Blockchain Council to file a lawsuit, stating that this not only “stifles innovation” but may also directly violate the Constitution. Association CEO Kristin Smith strongly condemned the move, demanding an immediate repeal of the new regulations; Variant legal officer Jake Chervinsky bluntly stated that this is a “death struggle of the anti-crypto camp”!
Miles Jennings, Chief Legal Counsel at a16z Crypto, warned that the regulations are too generalized and could completely threaten the survival space of DeFi. The community is fully charged, with some believing this is the Biden administration's “final blow” against crypto, and whether the new government can turn the tide has become a major highlight for next year!