The IRS recently issued new regulations requiring cryptocurrency platforms (including decentralized exchanges) to report digital asset transaction information, and it stipulates that starting in 2027, platforms must disclose taxpayer information related to digital asset transactions and their sales revenue. 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 negatively impact 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. crypto industry and support the interests of innovators.