Crypto Industry Groups Sue The IRS Over Reporting Rules Of Broker

All three crypto industry groups the DeFi Education Fund, Blockchain Association, and the Texas Blockchain Council are suing the Internal Revenue Services to block the new regulations that require decentralized finance DeFI commodities to report the customer’s information.
IRS finalizing the crypto tax regulations as part of the Biden Administration infrastructure investment and the Jobs Act.
The IRS states that these new rules “close the information gap with respect to digital assets.”
The lawsuit, on the other hand, pleads that this approach
“DeFi trading front-ends,” — basically, online platforms that allow users to access crypto protocols but don’t necessarily “effectuate transactions” themselves. The suit argues against defining these front-ends as brokers, in part because “there is simply no broker-like entity involved in a decentralized transaction.”
Head of Blockchain Association legal Marisa Coppel shared some information about the new rules and said “an infringement on the privacy rights of individuals using decentralized technology”.
Also added, “Push this entire, burgeoning technology offshore.”