The Blockchain Association is again opposing the IRS's proposed rules for broker-dealers, this time focusing on the exorbitant burden the rules would impose on investors, cryptocurrency companies and the Internal Revenue Service itself. 📝

In the letter, the group cited the Paperwork Reduction Act, which states that government regulators should not burden financial system participants with unnecessary requirements.

Blockchain Association officials say the rules would result in the addition of 8 billion 1099-DA tax forms, 4 billion wasted hours processing them, and $254 billion in annual compliance costs.

The Blockchain Association concluded that imposing annual compliance costs of $245 billion is completely unreasonable for an asset class and markets that produce, at most, a $10 billion tax gap.