Cynthia Lummis: IRS regulations on DeFi completely misunderstand how decentralized technology works

Odaily News Cynthia Lummis, crypto-friendly U.S. Senator and chair of the U.S. Senate Banking Digital Assets Subcommittee, retweeted the tweet "The White House will support CRA to revoke DeFi broker rules" on the X platform and said: "The IRS's regulations on DeFi fundamentally misunderstand how decentralized technology works. Wyoming has been at the forefront of responsible digital asset regulation, and I have witnessed how regulatory clarity - not over-regulation - promotes innovation. These tough federal regulations may push American crypto entrepreneurs overseas, when we should be nurturing this industry at home. It is an honor to work with Senator Ted Cruz to revoke this attack on the crypto community."