Crypto executives and legal experts are expressing skepticism about the IRS's new ruling requiring decentralized exchanges to meet the same reporting standards as traditional brokers. Katherine Minarik, chief legal officer of Uniswap, emphasized the need to challenge this ruling, questioning the IRS's classification of DeFi technology as brokers, especially when it only partially interacts with transactions. Uniswap CEO Hayden Adams expressed hopes that the Congressional Review Act might reject the ruling, while a legal challenge seems likely. The IRS's final regulations requires decentralized exchanges and front-end platforms to track and report on both U.S. and global users regarding sales of cryptocurrencies, NFTs, and stablecoins, starting in 2027. Legal expert Hughes suggested that the rule should come under Congressional review for potential disapproval, indicating that its timing and rollout were deliberate, occurring during a holiday period. The crypto community appears ready to fight back against these expansive regulatory measures.

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