The crypto industry is protesting proposed tax reporting regulations by the U.S. Treasury Department

The U.S. Treasury Department, along with the Internal Revenue Service, released a set of proposed regulations in August that would require cryptocurrency brokers to be treated similarly to brokers for more traditional investments like stocks and bonds. Since then, more than 124,000 letters have poured in, 2,000 of which were submitted in the past two days alone. Some believe the proposed rule unduly expands the definition of a broker. The IRS also held a hearing on Monday morning where representatives from the crypto space and a tax preparer from a small tax firm laid out the implications of the proposed rule.