Elizabeth Warren and Bernie Sanders Urge Closure of Crypto Tax Gap

Exploiting Crypto Tax Loopholes

Four Democratic Senators, Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal, have urged the Internal Revenue Service (IRS) and the Treasury to close tax loopholes being exploited by crypto tax evaders. According to the Senators, there is a “$50 billion crypto tax gap” and a delay in implementing new tax regulations could cost the IRS and Treasury roughly $1.5 billion in tax revenue by 2024.

The Senate recently passed a $1.2 trillion infrastructure bill which included provisions to increase tax reporting requirements for businesses acting as crypto brokers. The Senators have urged the IRS and Treasury to act on this new legislation quickly.

The crypto.net, crypto.com, floki crypto, glm crypto, gmt crypto, ftt crypto, fox crypto, gari crypto, and web 3.0 release date could all be affected by the new regulations.

Crypto Regulations and Implementation

Elizabeth Warren and Bernie Sanders have been vocal in their support of tighter regulations on the cryptocurrency industry in the U.S. The law has been passed, but the Treasury and the IRS have yet to publish proposed rules for implementation. The lawmakers have requested that the rules be put in place before the Dec. 31, 2023 deadline.

The and community have been closely monitoring the situation, with many expressing their concerns regarding the and regulations. It is widely believed that the will be a defining moment for the and space.

The and industry have been pushing for the agencies to release the rules sooner, but it remains to be seen whether their requests will be met.

A recent poll commissioned by Grayscale Investments revealed that a significant portion of both Democrats and Republicans believe crypto to be the future of finance, potentially indicating that Warren’s stance may not be the most popular among the majority of the population.

Opinion: The GOP’s crypto maxis are almost as bad as the Democrats’ ‘anti-crypto army’, as the results of the survey suggest that 59% of Democrats and 51% of Republicans favor the idea of crypto.