A triad of crypto's big lobbying groups is kicking up a fuss with the IRS over its updated rules for reporting by brokers.
Why it matters: The IRS has released new guidance that pushes into the realm of decentralized finance as it seeks information on taxpayers.
The latest: The Blockchain Association, the DeFi Education Fund and the Texas Blockchain Council have sued over the new rules under the Administrative Procedure Act.
What they're saying: "The rule fails to recognize the decentralized nature of this technology, where many actors simply do not have access to the information the IRS is now demanding," Texas Blockchain Council president Lee Bratcher said in a statement.
