Almost all the big names of the cryptographic industry have signed a letter that asks the Congress to eliminate an American fiscal policy that, according to them, could endanger decentralized finance technology (DEFI) by calming much of that space in the field in the field of the runners subject to the collection and information information.
The internal tax service, the fiscal arm of the United States Department of the Treasury, promoted a key rule of the digital asset corridor between Christmas and New Year, a few days before the administration of President Donald Trump arrived. It was intended to institute similar demands of information on the defi corridors that the runners and the exchanges of values would face.
The recently approved rules can be deleted under the Congress Review Law, and Senator Ted Cruz, Texas Republican, introduced a resolution last week that would do exactly that. The letter of the unified industry on Wednesday, directed by the Blockchain association and linked by Coinbase, A16z, Paradigm, Kraken, Uniswap, Anchorage Digital and dozens of others, asks the rest of the Congress to embrace the cross measure.
“The Defi corridor rule, completed in the diminishing days of the Biden administration, represents the regulatory overreach that fundamentally misunderstands the technology that tries to regulate and ignores the intention of the Congress,” according to the letter, sent to leadership in both chance of Congress . The use of the power of Congress to reverse the regulations of the Federal Agency offers “a clear and definitive route to reverse this harmful rule before it can go into force.”
Companies collectively argued that the rule is unjustly addressed to US companies with rules that foreign competitors would not have to continue when attending US clients.
“This unique burden only for American companies could paralyze Defi’s innovation in this country,” they said.
The CRA can be a powerful but sometimes overwhelming tool that increased in popularity during the first mandate of President Donald Trump. Where it is overwhelming is in its side effect: any regulatory theme invested in this way can never be reintroduced in a similar way, which may be difficult to apply more friendly regulations in the same area.
When the Congress sought to use it to repeal the Crypto accounting policy of the Commission of Securities and Securities, the Personnel Accounting Bulletin No. 121, the minority that opposed the effort argued that the future efforts of the SC in the weights of The SEC to address the accounting of digital assets. While both cameras approved that CRA effort, then President Joe Biden vetoed the attempt, leaving Trump’s interim chief, Mark Uyeda, so that he would move recently to obtain the same thing internally.
A CRA resolution needs majority approval in both Congress cameras before it can be sent to President Trump for a possible signature. After the 2024 elections, many more pro-Crypto legislators are walking through the corridors for Capitol Hill, although the attention of Congress is a hot product, and other pressing issues such as the federal budget are coming.
Beyond the letter, other cryptographic organizations also intervene. A spokesman for the Defi Education Fund said that it is “excited” to see the impulse built against the “invisible and unconstitutional” rule that the group is committed to ensuring that they are not implemented.
Read more: USA
