Coinbase has criticized a recent proposal from the Internal Revenue Service (IRS) that aims to define crypto brokers and instruct them on tax payments. The exchange has argued that the proposal would lead to “unchecked and unlimited tracking” of Americans’ daily lives, and create an “incomprehensible and unduly burdensome set of new reporting requirements”. The Blockchain Association has previously warned that the provisions could kill the industry in the US. However, Democratic senators, including Elizabeth Warren, have advised the IRS to impose the rule “as swiftly as possible” to prevent the loss of billions of dollars in tax revenue.