Odaily News U.S. Senator Ted Cruz plans to introduce a Congressional Review Act resolution next week to overturn a controversial IRS rule that requires certain DeFi brokers to report gross proceeds and provide user data, including names and addresses.
The IRS rule, finalized in December, requires DeFi brokers to file Form 1099, similar to traditional securities brokers. Critics, including Cruz, say the rule stifles innovation, hurts privacy, and complicates tax filings given the decentralized nature of the crypto industry. (The Street)