The IRS recently issued new regulations requiring cryptocurrency platforms (including decentralized exchanges) to report digital asset transaction information, and mandated that starting in 2027, platforms must disclose taxpayer information and their sales revenue related to digital asset transactions. In response, the Blockchain Association and the Texas Blockchain Association have jointly sued the IRS, arguing that the rule violates the Administrative Procedure Act and could have a negative impact on the U.S. cryptocurrency and decentralized finance (DeFi) industry. Blockchain Association CEO Kristin Smith stated that the lawsuit aims to protect the future of the U.S. cryptocurrency industry and support the interests of innovators.