Seven US senators have called on the Treasury Department and the Internal Revenue Service (IRS) to introduce a rule imposing certain tax reporting requirements on cryptocurrency brokers “as soon as possible.”
In an October 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Wuerfel, a group of US senators including Elizabeth Warren and Bernie Sanders. Criticize A two-year delay in implementing tax reporting requirements for cryptocurrencies, which are scheduled to take effect in 2026 for transactions in 2025. Lawmakers claimed that delaying implementation of the rules could cause the IRS to lose nearly $50 billion in annual tax revenue. And they continue to do so. Policies that allow bad actors to evade paying taxes.
“While we applaud the substance of the proposed regulations and your agencies’ efforts to ensure taxpayers can continue to report cryptocurrency activity, we are deeply concerned that the final rule will not become effective until 2026,” the letter said. “[A]Any delay would give cryptocurrency lobbyists a greater opportunity to undermine the administration’s efforts to impose basic reporting requirements on the nearly unregulated cryptocurrency sector, at a time when the industry is already seeking to repeal recently enacted reporting requirements. “It’s time to act.”
Warren Taking to Following requests from Israeli law enforcement, cryptocurrency exchange Binance announced that it had frozen accounts linked to Hamas on October 10.
It is alarming and should serve as a wake-up call to lawmakers and regulators that digital wallets linked to Hamas have received millions of dollars in cryptocurrencies. https://t.co/yUVSIElI8v
-Elizabeth Warren (@SenWarren) October 11, 2023
Related: The IRS releases draft proposed reporting rules for digital asset brokers
Cryptocurrency reporting requirements, proposed by the IRS in August, remained open for public comment until October 30. Brokers will be required to “assist taxpayers in determining whether they owe taxes” through cryptocurrencies as well as report information about digital asset transactions. Rep. Patrick McHenry, who currently serves as House Speaker pro tempore, rose after Republican lawmakers voted to declare the position vacant Criticize The action is considered an “attack on the digital asset ecosystem.”
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