The Blockchain Association sued the IRS, saying a recently finalized rule that requires certain cryptocurrency exchanges to comply with broker reporting requirements would harm the industry.
The rule exceeded the Treasury Department’s authority in violation of the Administrative Procedure Act by, among other things, expanding the definition of broker, the lawsuit filed in the US District Court for the Northern District of Texas said. DeFi Education Fund and Texas Blockchain Council are also plaintiffs.
READ MORE: Crypto Users Doubt IRS Decentralized Exchange Rules Have Teeth
The IRS said decentralized exchanges, or DeFi—which tend to be automated platforms not backed by ...
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