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Home News Crypto

GOP Pushes to Block IRS Crypto Reporting Rules as Industry Influence Grows

by Team Lumida
January 31, 2025
in Crypto
Reading Time: 2 mins read
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Key Takeaways:

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• Republicans seek to repeal December 2024 IRS rule requiring DeFi platforms to report transactions
• Current crypto tax compliance estimated at only 30-40% of users
• Rule implementation delayed until 2027, but faces industry lawsuit and legislative challenge
• Success would mark first-ever Congressional tax rule repeal using Review Act

What Happened?

Senator Ted Cruz and Representative Mike Carey are leading a Republican effort to repeal IRS rules requiring DeFi platforms to report transactions similar to stock brokerages. The rule, finalized in December 2024, extends reporting requirements from the 2021 infrastructure law to DeFi platforms, with implementation scheduled for 2027. The Blockchain Association and other industry groups have already filed lawsuits challenging the regulation.

Why It Matters?

This push demonstrates the cryptocurrency industry’s growing political influence and raises significant tax compliance concerns. With only 30-40% of crypto users currently reporting gains, the outcome could significantly impact tax enforcement and revenue collection. The issue highlights the tension between industry innovation and regulatory oversight, particularly as 2.8 million taxpayers reported crypto transactions in 2022.

What’s Next?

Watch for Congressional voting on the repeal measure, which could set precedent as the first-ever tax rule reversed through the Congressional Review Act. If successful, it could trigger a shift in trading volume toward DeFi platforms and potentially influence future crypto regulations. The industry’s increasing political activism, evidenced by campaign contributions and lobbying efforts, suggests continued challenges to regulatory oversight. Monitor potential market responses and any Treasury Department adjustments under the Trump administration.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018