Congressman Max Miller has called for the repeal of crypto tax reporting rules for decentralized finance (DeFi) platforms. Miller expressed his views in a February 26 post on X.
"Digital assets should be treated with the same level of clarity and consistency as traditional assets, but this must be done in a way that accounts for the unique nature of decentralized finance," said Miller. "It's time to roll back the Biden administration's crypto tax reporting rules for DeFi platforms."
According to CoinDesk, on February 26, the House Ways and Means Committee voted 26-16 in favor of a resolution aimed at reversing an Internal Revenue Service (IRS)-imposed tax regime on DeFi platforms. The IRS had approved the rule in December, but participants in the crypto industry argue that it would compel DeFi protocols into a system designed for brokers. Congressman Mike Carey described the rule as a "nightmare for American taxpayers and for the IRS."
On February 19, more than 75 members of the Blockchain Association signed a letter supporting the resolution to overturn the IRS broker rule. According to a press release, association members said that the rule "represents regulatory overreach that fundamentally misunderstands both the technology it attempts to regulate and Congress’s original intent." They also raised concerns about privacy and security implications.
Miller is noted as being a member of several committees, including the House Ways and Means Committee, the Subcommittee on Oversight, the Subcommittee on Work and Welfare, and the House Committee on Science, Space, and Technology. He represents Ohio's Seventh Congressional District.
