Blockchain Association Files Suit To Challenge IRS and Treasury Department’s DeFi Broker ‘Midnight’ Rulemaking

December 30, 2024 The Daily Hodl

A prominent nonprofit crypto advocacy group is filing a lawsuit to dispute new reporting rules for decentralized finance (DeFi) brokers. In a new press release, the Blockchain Association says the “midnight” decision by the Internal Revenue Service (IRS) and the Treasury Department to force DeFi protocols to follow the same reporting rules as securities brokers […]

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Crypto Stakeholders Protest As U.S. Treasury Department and IRS Finalize New DeFi Broker Reporting Rule

December 28, 2024 The Daily Hodl

Blockchain Association

Crypto stakeholders are protesting as the U.S. Department of the Treasury and the Internal Revenue Service (IRS) finalize new reporting rules for decentralized finance (DeFi) brokers. According to a new press release by the Treasury Department, while the new rules don’t add any taxes on crypto assets, they require DeFi brokers to report on the […]

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Blockchain Association sues IRS over crypto broker rules

December 28, 2024 Coin Telegraph

Blockchain Association

The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.

The Blockchain Association is pushing back against the latest cryptocurrency regulatory move of the United States Internal Revenue Service (IRS) with a joint lawsuit.

On Dec. 27, the IRS issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms, such as decentralized exchanges (DEXs).

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

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Nigerian Blockchain Group Ousts President, Who Remains Defiant

September 14, 2024 Bitcoin.com

Africa

The Stakeholders in Blockchain Association of Nigeria (SIBAN) expelled its president, Obinna Iwuno, for allegedly registering an illegal body and misusing his position. Iwuno denied these allegations and accused the SIBAN board of trustees of acting unlawfully. Despite the expulsion, Iwuno claimed to remain SIBAN’s president. The SIBAN board warned others to avoid dealing with […]

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North Carolina Rejects Federal Digital Currency, Overrides Governor’s Veto

September 11, 2024 Bitcoin.com

bitcoin.com

The North Carolina General Assembly has overridden Governor Roy Cooper’s veto to enact a bill prohibiting a central bank digital currency (CBDC) in the state. The Senate voted 27-17, securing the required supermajority. The bill bars payments using CBDC and state participation in Federal Reserve testing. This bill reflects strong opposition to CBDCs and emphasizes […]

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Crypto advocates file brief against SEC’s investor tracking database

August 23, 2024 Coin Telegraph

amicus brief

The Consolidated Audit Trail would gather a monumental amount of data, and more than it is meant to when it exposes the identity of crypto wallet holders.

The DeFi Education Fund and the Blockchain Association jointly filed an amicus brief in a case brought by two individuals and the New Civil Liberties Alliance (NCLA) against the United States Securities and Exchange Commission (SEC), its chairman Gary Gensler and the Consolidated Audit Trail (CAT). The complaint does not mention cryptocurrency or blockchain, but the organizations argue that the CAT could have a profound negative effect on crypto users.

The CAT is a database that was first proposed in 2010 and became operational in April. According to its website, the CAT “tracks orders throughout their life cycle and identifies the broker-dealers handling them, thus allowing regulators to efficiently track activity in Eligible Securities throughout the U.S. markets.”

The NCLA complaint against the CAT database. Source: Pacer

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North Carolina’s CBDC ban bill vetoed by governor

July 7, 2024 Coin Telegraph

Blockchain Association

Governor Roy Cooper was slammed for not putting “partisan politics aside” to support a law that would benefit all North Carolina residents.

North Carolina Governor Roy Cooper has vetoed a bill banning the state from implementing a Federal Reserve-issued central bank digital currency despite receiving near-unanimous support in the House and Senate.

Cooper, who has faced criticism for making a politically motivated decision, explained in a June 5 statement that House Bill 690 was too “premature, vague, and reactionary” to sign into law.

Cooper’s veto followed a lopsided 109-4 vote in the House and a 39-5 vote in the Senate in late June.

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US Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law Decoded

May 20, 2024 Coin Telegraph

American Bankers Association

The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.

In a 60 to 38 vote, United States senators passed H.J. Res. 109, a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” stated crypto advocacy group the Blockchain Association.

However, before the resolution passed in the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.”

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Blockchain Association and Texas-Based Group Sue SEC Over Rule That ‘Threatens American Industry and Innovation’

April 23, 2024 The Daily Hodl

Blockchain Association

The Crypto Freedom Alliance of Texas (CFAT) is teaming up with the Blockchain Association (BA) to file a lawsuit against the U.S. Securities and Exchange Commission (SEC). According to a new press release from the Blockchain Association, the two groups have filed a suit against the SEC in a North Texas court. The suit focuses on the […]

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Blockchain Association Files Amicus Brief in Support of Tornado Cash Developers Roman Storm and Roman Semenov

April 8, 2024 The Daily Hodl

Blockchain Association

The Blockchain Association, a prominent crypto advocacy group, is showing support for the two developers of mixing service Tornado Cash in their legal battle against the United States. Last year, the U.S. Department of Justice (DOJ) charged Tornado Cash founders Roman Storm and Roman Semenov with aiding the North Korean hacking group Lazarus in laundering […]

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Blockchain Association

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