ChainCatcher news, according to Cointelegraph, the blockchain advocacy organization Blockchain Association opposes the broker rules proposed by the IRS, stating that these regulations would impose an excessive burden on investors, cryptocurrency companies, and the IRS itself.The association cites the Paperwork Reduction Act, indicating that government regulatory agencies should not impose unnecessary paperwork requirements on individuals and entities in the financial system. The letter mentions that if these rules are passed, it would result in an additional 8 billion tax forms, wasting 4 billion hours of processing time, with annual compliance costs reaching $254 billion. In contrast, the IRS initially estimated the total compliance cost of the new regulations to be $136 million.Furthermore, the association believes that the annual compliance cost of $245 billion is unreasonable for a market that generates a tax gap of at most $10 billion. In 2023, the association submitted a 39-page letter detailing its comprehensive opposition to these regulations, arguing that compliance with these rules is extremely difficult for decentralized financial protocols and reflects the government's misunderstanding of blockchain and cryptocurrency.