The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted a comment letter mainly in opposition to tax regulations proposed by the Internal Revenue Service (IRS).

In a Nov. 13 letter, the Blockchain Association (BA) said proposed IRS rules introduced in August aimed at regulating the sale and exchange of digital assets by brokers exceeded the government body’s authority and reflected “fundamental misunderstandings about the nature of digital assets and decentralized technology.” The U.S. Treasury Department released a draft of the proposed rules in August, attempting to address difficulties in reporting and paying taxes on crypto transactions.

The…

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