Seven U.S. senators, including Elizabeth Warren and Bernie Sanders, have urged the Treasury Department and IRS to expedite the implementation of tax reporting requirements for crypto brokers. The lawmakers expressed concern over the two-year delay in enforcing these rules, which are set to take effect in 2026 for transactions in 2025. They argued that the delay could result in the loss of approximately $50 billion in annual tax revenue and enable bad actors to evade taxes. Warren also took to social media to highlight the alleged use of crypto as a financial weapon by Hamas during the Israel conflict. In response to requests from Israeli law enforcement, Binance froze accounts linked to Hamas. The proposed IRS reporting requirements, which are still open for public comments, aim to assist taxpayers in determining their tax obligations related to crypto and require brokers to report information on digital asset transactions. However, Representative Patrick McHenry criticized the measure as an attack on the digital asset ecosystem.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	0
People	Elizabeth Warren, Patrick McHenry, Janet Yellen, Bernie Sanders, Daniel Werfel
Companies	Internal Revenue Service (IRS), Hamas, United States Senate, Binance, Treasury Department
Currencies	None
Securities	None