Urge to Implement Crypto Tax Reporting Requirement by US Lawmakers

Crypto tax reporting requirement urged by US lawmakers

The Treasury department and IRS were urged by a group of seven US senators including Elizabeth Warren and Bernie Sanders to accelerate the tax reporting requirements for crypto brokers. They pointed out the two year delay in implementation with criticism. As argued by the senators the delay could cost approximately $50 billion in annual tax revenue and enable tax evasion to the IRS. To prevent Crypto lobbyists from weakening the regulation they emphasised the need to act promptly. Patrick McHenry also criticised this incident by saying that this is an attack on the digital asset ecosystem.