"Warren and Sanders Push for Swift Action on Crypto Tax Evasion, Billions at Stake"
Democratic Senators Elizabeth Warren, Bernie Sanders, and others have urged the IRS and the Treasury to publish tax reporting guidelines for cryptocurrency brokers and enforce them to crack down on tax evasion. The lawmakers referred to directives in the infrastructure bill that expanded tax reporting requirements for crypto brokers. Despite the bill being signed into law and the White House reviewing the rules, the Treasury and IRS have yet to release them. The senators argue that billions of dollars are lost annually due to tax dodging in the crypto industry and that thorough reporting is necessary to prevent further fiscal losses.