Crypto lobbying group Blockchain Association files lawsuit over IRS' DeFi broker 'regulations

The Blockchain Association, a US cryptocurrency lobbying group, tweeted that it has filed a lawsuit against the new "broker" regulations passed by the US Internal Revenue Service and Treasury Department. The US Internal Revenue Service and Treasury Department have exceeded their legal authority by expanding the definition of "broker" to include providers of DeFi trading front-end, even though they do not execute transactions. This not only violates the privacy rights of individuals using decentralized technology, but also pushes the entire thriving technology overseas.