The Brazilian crypto industry association, ABcripto, has voiced strong opposition to the application of the financial transaction tax (IOF) on stablecoins. The newly appointed chairman stated that if the government decides to impose this tax through an executive order, the association will respond with legal action. ABcripto argues that the IOF is inherently linked to currency exchange transactions, and stablecoins do not equate to traditional foreign exchange, making the tax unjustifiable. The association warns that such a move could negatively impact the development of Brazil's crypto industry, financial innovation, and the operations of related businesses.