Democratic Senators Urge IRS, Treasury to Issue Tax Rules for Cryptocurrency Brokers

Odaily Planet Daily News U.S. Democratic Senators Elizabeth Warren, Bob Casey and Richard Blumenthal co-signed a letter with Bernie Sanders on Tuesday, urging the Internal Revenue Service and the Treasury Department to issue tax reporting guidelines for cryptocurrency brokers and then vigorously enforce them. Lawmakers referred to directives in the $1.2 trillion infrastructure bill passed by the Senate in August 2021, which expanded tax reporting requirements for businesses that currently operate as cryptocurrency “brokers,” including exchanges. Although the bill has been signed into law and the White House completed a review of the rules in May, the Treasury Department and the IRS have yet to issue rules that will go into effect this year. "Although nearly two years have passed since the enactment of the Act and the implementation deadline is less than six months away, Treasury has yet to publish the proposed rules," the letter reads. (Decrypt)