This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Congressional Republicans are working to reverse new IRS guidelines that require so-called “custodial brokers” to report transactions. 

Rep. Mike Carey and Sen. Ted Cruz this week introduced corresponding resolutions seeking to “roll back the disastrous IRS broker rule.” 

The legislation comes weeks after a group of crypto lobbying firms sued the IRS over the rule. They claim the requirement “exceeds the agencies’ statutory authority, violates the Administrative Procedure Act (“APA”) and is unconstitutional.” 

As it currently stands, starting in 2025, custodial…

Read more on Blockworks