A group of U.S. senators, including Elizabeth Warren, wants tax liabilities for cryptocurrency brokers to be determined “as soon as possible.”
Senators are calling on the Tax Administration to act as quickly as possible in determining the tax reporting obligations of cryptocurrency brokers.
Warren and other senators say the process will be delayed by 2026 after a two-year delay. They are worried about it not being completed.. The following statement is included in the letter sent by the senators to the Tax Administration and the Department of Treasury:
“Further delaying implementation of the Administration’s proposed rule would undermine efforts to provide clarity to law-abiding citizens and capture billions of dollars in tax revenue from an industry that has chronically avoided paying taxes.”
The Treasury Department and the IRS submitted a rule in August recommending that cryptocurrency brokers be treated similarly to traditional brokers when it comes to tax reporting. According to these rules, brokers must inform investors about taxes, and brokers and exchanges must notify about certain cryptocurrency sales.
Senators on this issue Since no final decision can be made until 2026 He’s worried.
A public hearing on the matter will be held on November 7, according to a statement made by a Treasury Department spokesperson.