Paul Singh Grewal, the Chief Legal Officer of Coinbase cryptocurrency exchange, has called on the cryptocurrency community to join the movement against the proposed cryptocurrency tax reporting regulations by the US Treasury Department. Grewal responded to concerns related to the proposed cryptocurrency tax regulations on X (formerly Twitter), claiming that the proposed regulations exceed the scope of congressional authority to establish tax rules. He added that if the proposed regulations become law, it would put digital assets at a disadvantage and could potentially harm an emerging industry that has just begun. The US Internal Revenue Service proposed new cryptocurrency tax reporting rules in early August of this year, and if approved, the new cryptocurrency tax system will take effect in January 2026.