Galaxy Digital Research Director: If the IRS ultimately determines DeFi front-end as brokers, DeFi faces three potential choices
According to reports, the recent report rules issued by the U.S. Internal Revenue Service (IRS) designate decentralized finance (DeFi) front-ends as brokers, which has impacted the crypto industry. Alex Thorn, Director of Research at Galaxy Digital, outlined three potential options for DeFi if IRS rules are not repealed: DeFi services and applications can comply with IRS reporting requirements and accept broker designation, attempt to block users from the United States, or abandon smart contract upgrades and revenue generation.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Overseas capital is aggressively buying US stocks! Net inflows reached $942 billions over the past 12 months, marking a record since 1985.
According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.
RootData: BIO will unlock tokens worth about $1 million in one week
Grayscale Files Zcash ETF That Pays Every 2 Weeks: What's the Catch?
Crypto prices
More
