Consensys Criticizes IRS's Proposed Regulations and Draft Form 1099-DA

According to Odaily, Consensys has voiced its concerns over the proposed regulations and draft form 1099-DA by the United States Internal Revenue Service (IRS). The blockchain software provider believes that the information required by the proposed regulations and draft form is too extensive, leading to high compliance costs. Consensys emphasized that these provisions do not adequately consider the burden on potential brokers, especially those entities that traditionally have no reporting obligations. The company is urging a delay in the effective date of any reporting requirements related to software developers. Furthermore, Consensys is advocating for the introduction of multi-broker rules to alleviate the burden and costs for tens of millions of taxpayers. The company's stance highlights the ongoing debate around the balance between regulatory compliance and innovation in the blockchain industry.