CandleFocus Blockchain Association Files Lawsuit Against IRS Over New DeFi Regulations
2024-12-28
Author: Content Editor
The U.S. Internal Revenue Service (IRS) has introduced new regulations classifying certain decentralized finance (DeFi) protocols as brokers, requiring them to disclose Know Your Customer (KYC) information for digital asset transactions. The IRS estimates that around 875 DeFi brokers could be affected by these rules, leading to backlash from the crypto community. In response, the Blockchain Association, along with other organizations, has filed a lawsuit against the IRS challenging the regulations. Legal experts and industry figures have criticized the rules, calling them unconstitutional and an overreach. Some speculate that this move by the IRS is an attempt to hinder former President Donald Trump's crypto plans. The community is united in opposition to the regulations, and it remains to be seen how they will be addressed by the upcoming pro-crypto administration.
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