The Blockchain Association, a cryptocurrency lobbying group, has filed a lawsuit against the IRS over the "DeFi broker" regulation

ChainCatcher news, the American cryptocurrency lobbying group (Blockchain Association) stated on social media that a lawsuit has been filed against the new "broker" related regulations enacted by the IRS and the Treasury Department.

The IRS and the Treasury Department have exceeded their statutory authority by expanding the definition of "broker" to include providers at the front end of DeFi transactions, even though they do not execute trades. This not only infringes on the privacy rights of individuals using decentralized technology but also pushes emerging technologies overseas.