US Senator Elizabeth Warren, known for her anti-BTC and anti-crypto rhetoric, and a group of Democrat senators wrote a letter to the US Treasury Department and the IRS.
Other than Warren, the senators included Bob Casey, Richard Blumenthal and Bernie Sanders.
In the letter they wrote, the senators wrote that there is a tax gap of $ 50 billion so far, and that if there is no regulation on the crypto tax, this gap could increase even more and it could be $ 1.5 billion in 2024.
Pointing out that too many people are evading taxes from cryptocurrencies, the senators stated that the IRS and the US Treasury should take urgent action.
“In November 2021, Congress passed the Infrastructure Investment and Employment Act (IIJA), which directs the Treasury and the IRS to implement new rules that require third-party crypto brokers to report information about sales, gains and losses to the IRS.
Congress has instructed the Treasury to implement these new rules in time for the 2024 tax filing season.
Nearly two years have passed since the law was enacted, and the implementation deadline is less than six months away.
However, the Treasury has yet to publish the proposed rules.
While the figure is much higher, research shows a crypto tax gap of at least $50 billion.
If we do not act quickly, that is, if the Treasury and the IRS do not implement these new rules in a timely manner, we risk missing out on roughly $1.5 billion in tax revenue for fiscal 2024.
At this point, you should not give this chance to tax evaders.”