U.S. Senators Elizabeth Warren and Angus S. King, Jr. have urged the U.S. Department of the Treasury and the Internal Revenue Service (IRS) to speed up the implementation of new tax reporting rules for cryptocurrency brokers. In a joint letter, the senators expressed concerns about the two-year delay in enforcing the rules, which is expected to result in the federal government losing billions in tax revenue. The proposed regulations aim to regulate cryptocurrency trading and tax reporting, with the senators praising the definition of “brokers” and “digital asset” in the rules. However, they strongly opposed the 2026 effective date and argued that the delay goes against the directive of the 2021 Infrastructure Investment and Jobs Act. The senators emphasized the potential loss of significant tax revenue and the risk of crypto lobbyists undermining government regulation if there are further delays. They requested a swift implementation of the proposed rule and asked for updates from the agencies by October 24, 2023.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	0
People	Elizabeth Warren, Angus S. King Jr.
Companies	Joint Committee on Taxation, Internal Revenue Service (IRS), U.S. Department of the Treasury
Currencies	None
Securities	None