IRS Crypto Reporting Rules Face Pushback Over Reach Beyond Exchanges
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The IRS proposal defines "broker" too broadly, exceeding statutory authority by including decentralized exchanges and non-custodial wallets.
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The proposal violates the Administrative Procedure Act by being arbitrary, unsupported by evidence, and imposing impossible compliance burdens.
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The proposal raises Constitutional concerns by destroying the benefits of decentralized finance and non-custodial wallets.
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The IRS should focus first on centralized exchanges which drive most trading volume and find solutions that don't hinder innovation.
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The proposal undermines American values of fostering innovation and protecting civil liberties.