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IRS Crypto Rules Spark Pushback From Texas Senator Ted Cruz
IRS Crypto Rules Spark Pushback From Texas Senator Ted Cruz
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Texas Senator Ted Cruz is challenging an IRS tax rule on crypto income reporting using the Congressional Review Act (CRA). The rule requires full reporting of income from cryptocurrencies and expands the definition of 'broker,' which critics argue does not align with the decentralized nature of crypto. The crypto community has welcomed Cruz's move, viewing it as a stand against government overreach. Critics believe the IRS rule and the expanded broker definition hinder innovation in the crypto space.
