Blockchain Association Slams IRS Broker Rule Over $254 Billion Compliance Cost for Crypto Industry

The Blockchain Association strongly opposes the IRS’s proposed broker rule, citing severe financial implications. IRS’s estimates reveal the compliance cost might surpass $254 billion, aiming to bridge a $10 billion tax gap. The association points out that Form 1099-DA would bring unhosted crypto wallets under scrutiny to ensure regulatory oversight. This crypto news article discusses