Blockchain Groups Challenge IRS Over New Reporting Rules

According to Foresight News, the Blockchain Association and the Texas Blockchain Council have filed a lawsuit against the U.S. Internal Revenue Service (IRS) over new regulations. These rules mandate that digital asset platforms, including decentralized exchanges (DEXs), disclose user transaction information and cryptocurrency sales revenue starting in 2027. The Blockchain Association argues that the regulation is unconstitutional and violates the Administrative Procedure Act, potentially having a significant impact on the U.S. digital asset sector.