The U.S. Treasury Department and the IRS have finalized tax reporting requirements for certain cryptocurrency brokers (RIN 1545-BR39, TD 10021). Bill Hughes, senior legal counsel and global regulatory affairs director at Consensys, said the rule could face challenges in court and Congress, explaining: “First, there could be lawsuits filed against the requirements, claiming that the rule exceeds the authority of the U.S. Treasury Department and violates the Administrative Procedure Act; then, the rule could be subject to U.S. Congressional review and could be rejected, just like the vote on SAB 121 this year.” (TheBlock)