A group of seven U.S. senators, including Elizabeth Warren and Bernie Sanders, has urged the Treasury Department and the IRS to expedite the implementation of tax reporting requirements for crypto brokers. They expressed concern about a two-year delay in imposing these requirements, which are set to be effective in 2026 for transactions occurring in 2025. The senators argued that this delay could result in a loss of approximately $50 billion in annual tax revenue and allow individuals evading taxes to continue doing so.
In their letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, the senators noted that while they support the proposed regulations and the agencies’ efforts to ensure proper reporting of crypto activities, they are worried that the final rule won’t take effect until 2026. They emphasized the urgency of acting promptly, as delaying implementation could provide more opportunities for crypto lobbyists to undermine the administration’s efforts to impose essential reporting requirements on the largely unregulated crypto sector.
Elizabeth Warren also made remarks on crypto’s role in funding organizations such as Hamas, calling it “the not-so-secret financial weapon.” This comes in the context of Binance freezing accounts linked to Hamas following requests from Israeli law enforcement.
The proposed crypto reporting requirements, introduced by the IRS in August, were open to public comments until October 30. These requirements would mandate that brokers assist taxpayers in determining their tax obligations related to crypto and report information on digital asset transactions. Representative Patrick McHenry, who is currently acting as the interim House Speaker, has criticized these measures as an attack on the digital asset ecosystem.
By FCCT Editorial Team
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