Reply To: Banks trying to kill decentralized finance (DEFI) with help of IRS

Homepage Forums 4. Regulators Regulations Banks trying to kill decentralized finance (DEFI) with help of IRS Reply To: Banks trying to kill decentralized finance (DEFI) with help of IRS


Matt Dernis
Participant

As I stated in my email. The reconciliation bill has not been approved in the house and senate so when the article says “under the new rules” they mean under the proposed rules.

That said, I believe there are some positives to the blockchain technology improving efficiency in banking and reducing cost but decentralizing banking all together removes the levers that the government has at it’s disposal to reduce inflation and provide stimulus. In addition, it also removes the governments ability to provide any control over financial corruption. You might say the government is bad at all 3 of these things now but should the US economy completely move to Crypto without any government control the US government will have no ability to maintain an orderly economy. You may not like how they regulate Crypto but if you believe that the US government should maintain some level of jurisdiction over the economy to provide orderly transactions and transfer of currency then you have to give them some type of power.

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