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.
