CryptoIntelligence 2024-06-23 07:22:43

Blockchain Association Slams IRS Broker-Dealer Rules as Unmanageable and Burdensome

Blockchain Association Slams IRS Broker-Dealer Rules as Unmanageable and Burdensome

The Blockchain Association is once again opposing the Internal Revenue Service’s (IRS) proposed broker-dealer rules, highlighting the excessive burden these rules would impose on investors, cryptocurrency companies, and the IRS itself. In a letter, the advocacy group referenced the Paperwork Reduction Act, which mandates that government regulators should not impose unnecessary and complex paperwork requirements on those in the financial system. The Blockchain Association’s spokespeople argued that implementing these proposed rules would result in 8 billion 1099-DA tax forms needing processing, wasting 4 billion hours of labor, and incurring an annual compliance cost of $254 billion. The letter presented figures

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