The Blockchain Association, a U.S. cryptocurrency lobbying group, recently announced on social media that it has filed a lawsuit against the Internal Revenue Service (IRS) and the Department of the Treasury. The reason is that their new regulations have expanded the definition of 'broker' to include providers at the front end of decentralized finance (DeFi) trading. 🤔

This move is seen as exceeding statutory authority and potentially infringing on the privacy rights of individuals using decentralized technology. Furthermore, such regulations could force emerging technologies to relocate overseas, affecting the competitiveness of the U.S. in the blockchain sector. 🌍

Currently, the market's reaction is mixed, and investors and practitioners need to closely monitor the developments. 📈