Consensys criticizes IRS 1099-DA draft, calls for delay of effective date

Consensys has commented on the 1099-DA draft form of the US Internal Revenue Service (IRS), stating that the proposed regulations and required information on the draft form are too broad and impose high compliance costs on blockchain software providers. Consensys emphasized that these regulations have not fully considered the burden on potential brokers, especially entities that traditionally have no reporting obligations. They call for a delay in the effective date of any reporting requirements related to software developers and the introduction of multi-broker rules to alleviate the burden and cost on millions of taxpayers.