Blockchain Association Opposes Proposed IRS Tax Regulations for Cryptocurrency Transactions

The Blockchain Association, a US-based cryptocurrency advocacy group, has submitted a letter to the Internal Revenue Service (IRS) opposing proposed tax regulations. The group argues that the rules, which aim to regulate the sale and exchange of digital assets by brokers, exceed the IRS's authority and demonstrate a "fundamental misunderstanding" of digital assets and decentralised technology. The Blockchain Association claims that many participants in the crypto space would struggle to comply with the regulations if enacted, and that the rules could infringe on privacy rights. The proposed regulations could go into effect in 2026 for transactions conducted in 2025.