The Blockchain Association, a well-known crypto advocacy and lobbying group in the US, has strongly opposed the IRS's proposed regulations targeting crypto brokers. In a letter submitted on November 13, the association argued that the rules exceeded the government's authority and showed a lack of understanding of digital assets and decentralized technology. The proposed regulations aim to simplify the reporting and taxation of cryptocurrency transactions but would be particularly burdensome for participants in decentralized finance (DeFi) who may be unable to comply. The Blockchain Association emphasized the need for the Treasury Department to reconsider the implications of the expanded broker definition, as it could be damaging, impractical, and infringe on privacy rights. If implemented, the proposed regulations could take effect in 2026 for transactions made in 2025.
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