Blockchain Association Urges Congress to Repeal DeFi Broker Rule
The Blockchain Association issued a warning to U.S. lawmakers regarding the potential negative impact of proposed regulations on decentralized finance (DeFi). Key points include:
- The proposed rule expands the definition of "broker" to include software enabling access to DeFi protocols.
- This classification may require software companies to collect and report users' personal information, despite not handling assets directly.
- The association urges Congress to support Sen. Ted Cruz’s Congressional Review Act resolution to repeal this rule.
- Concerns have been raised about policy decisions being made hastily without proper legislative consideration.
- Members of the Blockchain Association plan to discuss the resolution with Congressional offices on February 26.
Previous definitions set by the Infrastructure Investment and Jobs Act and IRS rules have also contributed to the ongoing debate around regulatory compliance for crypto-related services.