Blockchain Association, DeFi Education Fund and Texas Blockchain Council have filed a lawsuit against the IRS (Internal Revenue Service), a US government body responsible for collecting federal taxes over new "broker" rules. These organisations reportedly argued that the new rules threatened the US crypto industry. The latest broker rules, applied to decentralised finance and wallet providers, were "unconstitutional" and an "overreach of authority", according to the coalition. These firms claimed that the new IRS regulations, set to be in effect in 2027, infringed privacy rights and pushed innovation offshore. VC Investment Surge: Ventura Capital Activities in India Increase to USD 16.8 Billion From January to November 2024, Says IBEF.

IRS Faces Legal Battle With Three Firms Over Its New "Broker" Rules

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