The Treasury is COMING For Crypto!! End of DeFi in the US?!

"now whatever rules the treasury approves at that time will go into force in 2026 to reflect crypto transactions that took place in 2025."

"Translation any personal crypto wallet that offers access to a crypto to Fiat ramp offers any kind of swapping feature or allows you to connect to dapps and D5 protocols is a broker this is terrifying because it means that most browser and mobile wallets could soon be required to collect kyc in the US"

"The proposal notes that anyone who can modify the parameters of a crypto project or protocol are able to collect kyc for tax purposes as pointed out on Twitter or rather X by a crypto sleuth named spreak the treasury's wording around this ability to modify parameters means that quote anything with a multi-sig wallet is a broker and is required to add kyc consider that most ethereum layer twos are controlled by multi-sig wallets"

"the treasury explicitly states that it and the IRS hope that the crypto broker definition will quote ultimately require operators of some platforms generally referred to as decentralized exchanges to collect customer information and Report sales information about their customers if those operators otherwise qualify as brokers"

"as you might have guessed the treasury considers nft marketplaces to be Brokers too so you can expect to see kyc on the likes of openc if these rules pass as they're currently proposed"

"Recall that providing access to any services including crypto to Fiat on and off ramps cross-chain swaps and even connectivity to dapps and D5 protocols could result in a wallet being designated as a broker"

"as I mentioned earlier U.S authorities seem to have significant influence over organizations like the fat F that set regulatory standards lo and behold the G20 another U.S Affiliated organization will soon be meeting to discuss Global crypto regulations that they will Implement in each of their respective jurisdictions with the fat f as Enforcer"