The Chief Legal Officer at the Defi Education Fund, Amanda Tuminelli, discussed the IRS and treasury's recent rulemaking on digital asset transactions in a podcast. The IRS has finalized a tax reporting rule for participants in the defi industry, which some argue is too broad to be considered a broker. The IRS's definition of a broker includes any service that effectuates a transaction, even if it doesn't meet the statutory definition. The rule was intended to be implemented in 2025 but is expected to be future-oriented and not impose reporting obligations until January 1, 2027. However, with the incoming pro-crypto administration, there may be pushback or rollback of the rule. Tuminelli also anticipates a shift in SEC leadership, which could lead to favorable settlements or clearer rules for crypto businesses. She expresses concerns over broad criminal liability for developers and hopes for more regulatory clarity and a reduction in litigation for the crypto industry.



Other News from Today