US lawmakers target crypto firms for tax evasion and regulation.

Two members of the US Congress have written a letter to the Treasury and the Internal Revenue Service, calling for the implementation of tax regulations for the crypto industry. The lawmakers raised concerns about the compliance practices in crypto, stating that the industry has been a major source of tax evasion and a significant part of the nation's tax gap. They called for the prompt release of proposed regulations to close the tax gap and bring the crypto industry into full tax compliance. The Biden administration had earlier proposed a 30% Digital Asset Mining Energy tax on cryptocurrency miners, but it did not make it into the May legislation that addressed raising the US debt ceiling.