The Biden administration's recent IRS regulations classify certain DeFi protocols as brokers, causing widespread criticism within the crypto community. This move has provoked industry leaders to push for a repeal by the incoming Congress, voicing concerns over the potential disruption and negative impact on decentralized finance innovations and operations.
As these regulations continue to attract scrutiny, crypto experts are evaluating the implications for DeFi protocols and their users. The crypto industry sees these rules as an overreach that could hinder its growth.
