The U.S. Treasury and the IRS have finalized tax reporting requirements for certain cryptocurrency brokers (RIN 1545-BR39, TD 10021). In response, Bill Hughes, Senior Legal Counsel and Global Head of Regulatory Affairs at Consensys, stated that the rule may face challenges in court and Congress. He explained, 'First, there may be lawsuits filed against the relevant requirements, claiming that the rule exceeds the authority of the U.S. Treasury and violates the Administrative Procedure Act; subsequently, the rule may be subject to review by the U.S. Congress and could be rejected, similar to the vote on SAB 121 this year.' (TheBlock)