Consensys criticizes the IRS 1099-DA draft and calls for a delay in the effective date

Consensys has commented on the IRS's draft 1099-DA form, arguing that the proposed regulations and information required by the draft form are too broad and bring high compliance costs for blockchain software providers. Consensys emphasizes that these provisions do not fully consider the burden on potential brokers, especially those entities traditionally without reporting obligations. They call for a delay in the effective date of any reporting requirements related to software developers, and introduce multi-broker rules to alleviate burdens and costs for tens of millions of taxpayers.