TechFlow reported, according to Bloomberg, that a group of U.S. senators led by Elizabeth Warren and Angus King sent a joint letter to Treasury Secretary Janet Yellen and the Internal Revenue Service (IRS), urging tax officials to advance the start date for cryptocurrency brokers and exchanges to report customer transaction data to the government.
In proposed regulations issued in August, the IRS and the Treasury Department would require these companies to begin reporting data on digital asset sales and transactions starting in 2026—two years later than originally anticipated when Congress passed legislation on the matter in 2021.
"We are alarmed that our own rules have been delayed by two years, resulting in the loss of billions of dollars in potential tax revenue for the United States," the senators wrote in their letter late Tuesday to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel. "We urge your agencies to minimize this troubling delay, finalize and implement the rules as soon as possible, and preserve the integrity of the rules in the face of industry challenges."
