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US lawmakers urge IRS to implement crypto tax reporting requirements before 2026

Mike Ring
October 11, 2023

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Senators Urge Treasury Department to Impose Crypto Tax Reporting Requirements

Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers “as swiftly as possible”. In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including Elizabeth Warren and Bernie Sanders criticized the two-year delay in implementing crypto tax reporting requirements, which are scheduled to go into effect in 2026 for transactions in 2025.

The lawmakers argued that delaying implementation of the rules could cause the IRS to lose roughly $50 billion in annual tax revenue, and continue policies allowing bad actors to avoid paying taxes. Representative Patrick McHenry has criticized the measure as an “attack on the digital asset ecosystem”.

Warren Calls Crypto “Not-So-Secret Financial Weapon”

Elizabeth Warren took to X (formerly Twitter) on Oct. 11 to refer to crypto as “the not-so-secret financial weapon” funding Hamas amid the group’s war with Israel. Following requests from Israeli law enforcement, crypto exchange Binance announced it had frozen accounts linked to Hamas on Oct. 10.

The crypto reporting requirements, proposed by the IRS in August, were still open to public comments until Oct. 30. Brokers would be required to “help taxpayers determine if they owe taxes” through crypto as well as report information on digital asset transactions.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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