The Blockchain Association has once again raised concerns about the Internal Revenue Service's (IRS) proposed broker-dealer rules, highlighting the excessive burden it would place on investors, cryptocurrency firms, and the IRS itself. Citing the Paperwork Reduction Act, the industry group argues against imposing unnecessary paperwork on financial system participants. The proposed rules could lead to processing 8 billion tax forms, wasting 4 billion hours in labor, and incurring a compliance cost of $254 billion annually. These figures starkly contrast with the IRS's initial estimates. The Association deems the $245 billion compliance cost unreasonable for an asset class with a tax gap of $10 billion. The letter also criticizes the IRS for its lack of understanding of cryptocurrencies and decentralized finance. The crypto community, including Coin Center's Jerry Brito, has expressed opposition to the stringent reporting requirements, emphasizing the challenges faced by decentralized networks. Read more AI-generated news on: https://app.chaingpt.org/news