Opinion: US tax reporting requirements for certain cryptocurrency brokers may face challenges in court and Congress

The U.S. Treasury Department and the IRS have finalized tax reporting requirements for certain cryptocurrency brokers (RIN 1545-BR39, TD 10021). Bill Hughes, senior legal counsel and global regulatory affairs director at Consensys, said the rule could face challenges in court and Congress, explaining: “First, there could be lawsuits filed against the requirements, claiming that the rule exceeds the authority of the U.S. Treasury Department and violates the Administrative Procedure Act; then, the rule could be subject to U.S. Congressional review and could be rejected, just like the vote on SAB 121 this year.” (TheBlock)