PANews reported on June 21 that Bill Hughes, a lawyer for blockchain software technology company ConsenSys, said on the X platform that the company had sent a letter to the U.S. Internal Revenue Service (IRS) to reiterate concerns about the draft 1099-DA form (digital asset tax form). He emphasized that the proposed regulations require "overly broad" information and impose "a heavy burden on compliance." Therefore, he advocated postponing the implementation of any reporting requirements that affect software developers and supported the introduction of multi-broker rules. Hughes said that these regulations failed to fully consider the burden on entities that were traditionally not subject to reporting obligations.
Earlier in April, the U.S. Internal Revenue Service (IRS) released a draft tax form for reporting digital asset transactions, which will apply to tax returns in 2025.
