According to Valor Econômico, the Brazilian Cryptocurrency Industry Association ABcripto has explicitly stated its opposition to applying the Financial Transaction Tax (IOF) to stablecoins. The new chairman said that if the government decides to impose taxes on stablecoins through an executive order, the association representing crypto industry companies will take legal action in response. ABcripto pointed out that IOF is essentially related to currency exchange (forex trading), and stablecoins are not equivalent to traditional foreign exchange transactions, making the imposition of IOF on them unreasonable. The association believes that this move could have a negative impact on the development of Brazil's crypto industry, financial innovation, and the operations of related companies.