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And in both chambers, they have voted to repeal a Biden-era rule that required crypto firms to report certain tax information to the Internal Revenue Service. Senators Elizabeth Warren, Bernie Sanders, and other lawmakers are exhorting the Treasury Department and Internal Revenue Service (IRS) to publish its already U.S. Congressmen Brad Sherman and Stephen Lynch have sent a letter to heads of the Treasury and the Internal Revenue Service (IRS). In the letter, addressed to Dos miembros del Congreso de los Estados Unidos han escrito una carta a los responsables del Tesoro y del Servicio de Impuestos Internos, exigiendo la A 2025 infrastructure bill in Congress laid the groundwork for the Treasury’s IRS to formalize its approach to cryptocurrency regulation. Since then, the industry has The letter emphasizes the need for the implementation of tax regulations specifically tailored to the crypto sector. The congressmen drew attention to the significant role Two members of the United States Congress have penned a letter to the heads of the Treasury and the Internal Revenue Service, demanding the implementation of tax Two Congressmen in the United States recently blamed crypto companies as the country’s key source of tax evasion. In a letter to the Heads of the Treasury and the Internal Revenue The U.S. Treasury Department and Internal Revenue Service (IRS) should promptly release planned crypto tax rules so the industry can be brought into full compliance The U.S. House advanced a resolution to block an IRS tax rule that requires DeFi projects to report user transactions. Lawmakers and industry groups argue the rule is

U.S. Congressmen Point Fingers at Crypto Firms for Tax Evasion: What's Happening?

Two Congressmen in the United States recently blamed crypto companies as the country’s key source of tax evasion. In a letter to the Heads of the Treasury and the Internal Revenue Service (IRS), U.S. Congressmen Brad Sherman and Stephen Lynch have sent a letter to heads of the Treasury and the Internal Revenue Service (IRS), demanding the implementation of tax regulations specifically tailored to the crypto sector. Dos miembros del Congreso de los Estados Unidos han escrito una carta a los responsables del Tesoro y del Servicio de Impuestos Internos, exigiendo la implementation of tax.

The congressmen drew attention to the significant role the crypto industry plays and the need for stricter oversight to prevent tax avoidance. The letter emphasizes the need for the implementation of tax regulations specifically tailored to the crypto sector. They urge The U.S. Treasury Department and Internal Revenue Service (IRS) to promptly release planned crypto tax rules so the industry can be brought into full compliance. A 2025 infrastructure bill in Congress laid the groundwork for the Treasury’s IRS to formalize its approach to cryptocurrency regulation. Since then, the industry has faced increased scrutiny.

Congressional Action on Crypto Tax Reporting

The debate surrounding crypto tax regulations is heating up in Washington. And in both chambers, they have voted to repeal a Biden-era rule that required crypto firms to report certain tax information to the Internal Revenue Service. The U.S. House advanced a resolution to block an IRS tax rule that requires DeFi projects to report user transactions. Lawmakers and industry groups argue the rule is overly burdensome and could stifle innovation. Senators Elizabeth Warren, Bernie Sanders, and other lawmakers are exhorting the Treasury Department and Internal Revenue Service (IRS) to publish its already developed crypto tax regulations.

What's Next for Crypto Tax Regulations?

The push and pull between Congress and the IRS regarding crypto tax rules is likely to continue. The need for clear and enforceable regulations is evident, but the balance between compliance and innovation remains a key point of contention. Stay updated on the latest developments as the U.S. Congress continues to address the issue of crypto tax evasion.

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