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Crypto industry groups sue IRS over broker reporting rule
Three crypto industry groups — the DeFi Education Fund, the Blockchain Association, and the Texas Blockchain Council — are suing the Internal Revenue
The IRS has been finalizing crypto tax regulations as part of the Biden Administration’s Infrastructure Investment and Jobs Act. The lawsuit, on the other hand, claims that this approach would unduly burden “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.”
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