🚨 Crypto industry groups sue IRS over broker reporting rule
Three crypto industry groups—the DeFi Education Fund, the Blockchain Association, and the Texas Blockchain Council—are suing the IRS to challenge new regulations that require decentralized finance (DeFi) entities to report customer information.
The IRS argues that these rules, part of the Biden Administration's efforts to enhance crypto tax regulations, aim to close the information gap on digital assets. However, the lawsuit contends that labeling online platforms as brokers imposes undue burdens and infringes on users' privacy rights. The groups warn that these regulations could drive DeFi technology offshore.