Consensys criticizes IRS 1099-DA draft, calls for delay of effective date

Consensys commented on the IRS's draft 1099-DA form, arguing that the information required by the proposed regulations and the draft form is too extensive and imposes high compliance costs on blockchain software providers. Consensys emphasized that the regulations do not adequately consider the burden on potential brokers, especially those entities that traditionally have no reporting obligations. Consensys called for delaying the effective date of any reporting requirements related to software developers and introducing a multi-broker rule to reduce the burden and costs for tens of millions of taxpayers.