Seven US senators, including Elizabeth Warren and Bernie Sanders, call for the speedy enforcement of crypto tax reporting requirements, expressing concerns about a delay until 2026.
A group of seven United States Senators, including Elizabeth Warren and Bernie Sanders, has urged the Treasury Department and IRS to accelerate the implementation of tax reporting rules for crypto brokers. The senators expressed dissatisfaction with the current schedule, which delays the rules until 2026. In an October 10 letter, they emphasized that any delay could provide an opportunity for crypto lobbyists to hinder efforts to impose essential reporting requirements on the largely unregulated crypto sector.
Warren raised concerns about crypto being used to fund groups like Hamas in the ongoing Israel conflict, calling it “the not-so-secret financial weapon.” This comes after crypto exchange Binance froze accounts connected to Hamas following requests from Israeli law enforcement.
The proposed IRS crypto reporting requirements, introduced in August, are open for public comments until October 30. These rules would oblige brokers to assist taxpayers in assessing their crypto-related tax liabilities and report digital asset transactions. While some, like Representative Patrick McHenry, criticize this as an “attack on the digital asset ecosystem,” the senators believe prompt action is essential.
