A group of senators urged the Treasury Department to implement tax reporting requirements for crypto brokers “as rapidly as possible.”
Sen. Elizabeth Warren, D-Mass, along with a handful of other senators urged the Internal Revenue Service and Treasury Department to implement tax reporting requirements for crypto brokers “as rapidly as possible.”
“Limiting any further delay in the implementation of the Administration’s proposed rule would combat industry efforts to evade regulation, provide clarity to law-abiding taxpayers, and generate billions in tax revenue from a chronically tax-avoidant industry,” the senators said in a letter dated Oct. 10 to IRS Commissioner Daniel Werfel and Treasury Secretary Janet Yellen.
“While we applaud the substance of the proposed regulations and your agencies’ efforts to ensure taxpayers continue to report crypto activity, we are deeply concerned that the final rule will not become effective until 2026,” the lawmakers said.
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