According to the new rules cryptocurrency exchanges from 2026, as well as brokers, will be obliged to report to the IRS on transactions of clients. These measures will also affect DEXs, which do not collect user data.
Immediately after the new rules were published, negative reports began appearing almost instantly on the website “X” (known as Twitter). Miller Whitehouse-Levin, CEO of the lobby group Decentralised Finance (DeFi), said the proposal as it stands is “too broad” and the regulations allow all types of organisations to be covered. The specialist pointed to offline or non-hosted wallets as an example.
According to the CEO of the Blockchain Association, the cryptocurrency system is very different from traditional assets and the rules should be adapted accordingly.
In turn, Congressman McHenry noted that the presidential administration should not destroy the digital asset ecosystem. Crypto platforms should work with Congress to ensure clear regulatory rules.
Feedback on the document will be accepted until 30 October. A public hearing is scheduled for 7-8 November.