U.S. Senator Lummis: The IRS's regulations on DeFi fundamentally misunderstand how decentralized technology works

ChainCatcher message, U.S. crypto-friendly Senator Cynthia Lummis stated while sharing the news "The White House will support CRA to overturn DeFi broker rules," that "The IRS's regulations on DeFi fundamentally misunderstand how decentralized technology operates.

Wyoming has been at the forefront of responsible digital asset regulation, and I have witnessed firsthand how regulatory clarity—rather than overregulation—can foster innovation. These tough federal regulations could push U.S. crypto entrepreneurs overseas when we should be nurturing this industry domestically. I am honored to join Senator Ted Cruz in overturning this attack on the crypto community."