Three crypto industry groups are suing the IRS over new regulations requiring DeFi entities to report customer information, claiming it burdens DeFi trading platforms.
The lawsuit argues that decentralized trading front-ends should not be classified as brokers, emphasizing there's no broker-like entity in decentralized transactions.
Marisa Coppel from the Blockchain Association stated that these rules infringe on individual privacy rights and could push the technology offshore.
The IRS believes the new regulations will help close the information gap concerning digital assets but faces backlash from DeFi advocates.
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