John Deaton, known for his advocacy for XRP, has voiced strong criticism against a newly established tax regulation by the Biden administration. The regulation, dubbed “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” was introduced by the IRS, targeting digital asset sales.
Deaton has expressed major concerns, branding the rule as highly detrimental to the decentralized finance sector, also known as DeFi. His comments underline the complex hurdles and potential setbacks imposed on DeFi due to this tax rule.
The criticism reflects ongoing debates regarding regulation in the cryptocurrency ecosystem and its impact on innovation.
