The Blockchain Association, a lobbying group for encryption, has filed a lawsuit against the U.S. Internal Revenue Service's regulation on "DeFi brokers"

On December 28, the crypto lobbying group Blockchain Association stated that it has filed a lawsuit against the new "broker" related regulations passed by the U.S. Internal Revenue Service and Department of Treasury. The U.S. tax agency and treasury have overstepped their legal authority, violated the Administrative Procedure Act, and are unconstitutional. They expanded the definition of "broker", including providers at the front end of DeFi transactions even though they do not execute transactions. This not only infringes on the privacy rights of individuals using decentralized technology but will also push this burgeoning technology overseas, stifling innovation and burdening American entrepreneurs.