The US Internal Revenue Service (IRS) recently released new regulations that require crypto platforms (including decentralized exchanges) to report digital asset transaction information, and stipulate that from 2027, platforms must disclose taxpayer information involving digital asset transactions and their sales revenue. In response, the Blockchain Association and the Texas Blockchain Association jointly sued the IRS, arguing that the rule violates the US Administrative Procedure Act and may have a negative impact on the US crypto and decentralized finance (DeFi) industry. Kristin Smith, CEO of the Blockchain Association, said the lawsuit is designed to protect the future of the US crypto industry and support the interests of innovators.