Coinbase's Vice President of Tax has urged the Internal Revenue Service (IRS) to reconsider its proposed tax reporting guidelines, raising concerns about user privacy and an unfair competitive landscape compared to traditional finance. The call for revision comes as the IRS receives suggestions to expedite the implementation of these guidelines. As the blockchain industry continues to evolve, encompassing public chains, algorithmic stablecoins, NFTs, and GameFi, it is crucial for regulatory bodies to strike a balance between ensuring compliance and fostering innovation. The outcome of this debate will have significant implications for the future of the cryptocurrency market and its participants.