🔥Hot off the press! The Blockchain Association is back at it, fighting the good fight against the IRS's proposed broker-dealer rules. They're not just waving the white flag, they're waving the Paperwork Reduction Act! 📜✊
They argue that these rules would cause a paperwork apocalypse, with 8 billion tax forms, 4 billion hours of labor, and a whopping $254 billion in annual compliance costs. 🤯
The IRS, on the other hand, seems to be living in a parallel universe, estimating a mere 0.15 hours per customer and a total compliance cost of $136,350,000. 🤷♂️
The Blockchain Association isn't just throwing numbers around, they're also highlighting the "fundamental misunderstandings" about cryptos, digital assets, and DeFi among U.S. government officials. 🧐
The crypto community is rallying behind them, with many deeming the IRS's requirements out-of-touch. Jerry Brito from Coin Center also chimed in, pointing out the logistical nightmare of imposing these rules on decentralized networks. 🙌
What's your take on this? Are the IRS's proposed rules a necessary evil or just plain evil? Let's hash it out in the comments! 😎 #DeFi #Web3 #BlockchainTechnology