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May 2025 » Demystifying ‘DeFi’
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Christopher M. Ferguson, JD, and Michael Waalkes, JD, LLM (Tax)
Decentralized finance (DeFi) is an emerging peer-to-peer system for conducting financial activity on the blockchain without the need for third-party intermediaries or financial institutions. Although still in its infancy, DeFi activity has increased exponentially over the past few years. Unlike centralized exchanges, such as Binance and Coinbase, DeFi protocols are typically barebones, if not entirely automated, operations without traditional know-your-customer (KYC) protections and tax information reporting requirements. While this situation may be appealing to those wary of government regulation, it creates vast uncertainty when it comes to the taxation of DeFi transactions.
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