Senator Warren Urges Swift Action on US Crypto Tax Rules
Senator Elizabeth Warren has written a letter to US Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, urging them to reconsider the two-year delay on crypto tax rules. Warren expressed concern that the delay, which goes against the requirements of the Infrastructure Investment and Jobs Act, will disadvantage law-abiding Americans and result in the loss of billions of dollars in revenue for the government. She cited data showing a lack of understanding among US citizens about crypto taxes, leading to missed tax revenue in the past. However, Warren praised the government’s clear definition of digital assets as a positive step.
Regulatory Clarity on the Horizon for the US
The proposed regulations by the US Department of Treasury and IRS aim to target the sale and exchange of digital assets by brokers. The emphasis is on combating tax evasion by investors on their crypto profits. If enacted, digital asset brokers would have strict reporting obligations to ensure tax compliance. This move aligns tax reporting on crypto profits with traditional investments. Senator Warren has requested an update on the matter by October 24th.
Hot Take: Senator Warren Pushes for Timely Implementation of Crypto Tax Rules
Senator Elizabeth Warren is urging swift action on US crypto tax rules, expressing concern over the two-year delay and its impact on law-abiding Americans and government revenue. She believes that missed tax revenue from the crypto industry could amount to billions of dollars. While praising the clear definition of digital assets, Warren emphasizes the need for timely implementation to ensure compliance and prevent further losses. With regulatory clarity on the horizon, it remains to be seen how quickly the US government will address these concerns and enforce crypto tax regulations.
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