Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Bitcoin bulls are confronted with Make-Or-Break-moment at $ 106,500 Resistance details

2025-05-18

Ailayer forges Alliance with Gaea to create a decentralized AI-driven metaverse

2025-05-18

XRP price that runs the risk of crashing 50%, here is why

2025-05-18
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Ailayer forges Alliance with Gaea to create a decentralized AI-driven metaverse

    2025-05-18

    Space and time, Nvidia, publishes Sub-Second ZK Prover for SQL

    2025-05-18

    Interview with Nieuwe Lukso Coo

    2025-05-18

    B2 Network brings AI to Bitcoin with DSN-AI Rollup Protocol

    2025-05-18

    The Alice Collective elevates ‘My Neighbor Alice’ in collaboration with Persona Journey

    2025-05-17
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

    2025-05-18

    Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

    2025-05-17

    A dozen new defendants who were sued in the alleged Rico -entry, connected to $ 263,000,000 crypto theft

    2025-05-17

    Complating digital assets win the long game in Crypto

    2025-05-17

    US senators make potential progress on Stablecoin bill in the midst of partisan negotiations: report

    2025-05-16
  • Analysis

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18

    Analyst who mentioned XRP price mark at $ 0.5 says that the increase in this level is coming

    2025-05-17

    Michael Burry van Big Short abruptly sells one ‘recession-proof’ assets

    2025-05-17

    $ 40 billion in XRP on the road – where are they going?

    2025-05-17

    Bitcoin who sees heavy accumulation on Coinbase and Binance, says analysis company Glassnode – here is the prospects

    2025-05-17
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»Elizabeth Warren Presses Treasury, IRS To Take Quick Action On $50 Billion Crypto Tax Loophole
Elizabeth Warren pressures Treasury, IRS for swift action on $50B crypto tax loophole
Regulation

Elizabeth Warren Presses Treasury, IRS To Take Quick Action On $50 Billion Crypto Tax Loophole

2023-08-03No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

In a recent letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, US Senators led by Elizabeth Warren demanded immediate action to implement new tax reporting requirements for digital asset brokers.

The letter references the Infrastructure Investment and Jobs Act (IIJA), a bipartisan measure introduced nearly two years ago that mandated improved reporting practices to address the estimated $50 billion crypto tax gap and the process for taxpayers who collect crypto revenues. streamline reporting.

As the senators emphasized,

“Congress has directed the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) to finalize new implementing regulations by January 1, 2024. Nearly two years have passed since the law was passed and the implementation deadline is less than six months removed – but the Treasury Department has yet to publish the proposed rules.

The senators expressed concern over the potential failure of these agencies to meet congressional-mandated deadlines for implementing final rules, underlining the need for swift action to enforce robust tax filing rules for cryptocurrency brokers.

The IIJA was first passed as the US faced a $1 trillion tax gap, with the emerging and lightly regulated $2 trillion cryptocurrency sector contributing to the problem, according to then IRS Commissioner Charles Rettig.

A May 2021 Treasury report claimed that the anonymity associated with crypto transactions poses a significant detection problem, facilitating tax evasion and other illegal activities. In support of this assessment, the senators’ demand for the rapid implementation of robust tax filing rules takes on even more significance.

Crypto tax rules

The new rules introduced by IIJA have profound implications for the crypto ecosystem. They require third-party brokers that facilitate crypto transactions to report information related to the user’s crypto sales, gains or losses and certain large transactions to the IRS and users themselves.

See also  Jamie Dimon endorses the crypto ban during the Senate hearing

The senators argue that this move aims to simplify the tax filing process for crypto users and allow the IRS to use its resources more effectively to pursue large-scale tax evasion.

More importantly, these new rules will generate an estimated $1.5 billion in tax revenues alone in 2024 and nearly $28 billion over the next eight years.

The senators’ letter underscores the perceived urgency of implementing these rules, warning that failure to do so by December 31, 2023 could result in an estimated $1.5 billion in tax revenue losses by 2024.

This development comes against the backdrop of Wall Street banks backing Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, which seeks to impose bank-like standards and requirements on crypto companies.

It seems clear that the regulatory landscape for the crypto industry in the US is becoming stricter, with a growing emphasis on traceability, oversight and visibility.

Source link

action Billion Crypto Elizabeth IRS Loophole Presses quick tax Treasury Warren
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

2025-05-18

Will Crypto pump or dump this weekend? Analyst reveals Top Altcoin for 3x profits

2025-05-18

Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

2025-05-17

A dozen new defendants who were sued in the alleged Rico -entry, connected to $ 263,000,000 crypto theft

2025-05-17
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Bitcoin vs. Inflation, Ethereum NFTs, and April Forecast: March 2024 Report

2024-04-08

Could Satoshi Nakamoto be linked to Chinese information? New theory emerges!

2024-10-03

Understanding Bitcoin Price Dynamics Amid Record High Network Issues

2024-11-04
Editors Picks

Millions of online stores can now accept Crypto, thanks to the update of one payment provider

2024-06-14

Oklahoma and Texas Debut Bold Bitcoin Reserve Plans – What You Need to Know

2025-01-16

2022 in Review: de vijf beste NFT-drops van het jaar

2023-05-03

Mind Network and Gaib ai launch coded AI Finance Initiative

2025-05-15

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Bitcoin bulls are confronted with Make-Or-Break-moment at $ 106,500 Resistance details

Ailayer forges Alliance with Gaea to create a decentralized AI-driven metaverse

XRP price that runs the risk of crashing 50%, here is why

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$104,468.151.37%
  • ethereumEthereum(ETH)$2,462.93-0.20%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.392.41%
  • binancecoinBNB(BNB)$644.030.52%
  • solanaSolana(SOL)$169.842.13%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2270225.72%
  • cardanoCardano(ADA)$0.740.80%
  • tronTRON(TRX)$0.265683-1.95%
  • suiSui(SUI)$3.780.25%
  • chainlinkChainlink(LINK)$15.521.60%
  • avalanche-2Avalanche(AVAX)$22.430.82%
  • stellarStellar(XLM)$0.2880371.06%
  • hyperliquidHyperliquid(HYPE)$26.270.33%
  • shiba-inuShiba Inu(SHIB)$0.0000153.33%
  • hedera-hashgraphHedera(HBAR)$0.1919381.61%
  • unus-sed-leoUNUS SED LEO(LEO)$8.73-3.19%
  • bitcoin-cashBitcoin Cash(BCH)$399.922.46%
  • the-open-networkToncoin(TON)$3.111.85%
  • litecoinLitecoin(LTC)$98.531.99%
  • polkadotPolkadot(DOT)$4.671.26%
  • moneroMonero(XMR)$340.271.53%
  • bitget-tokenBitget Token(BGB)$5.164.28%
  • pepePepe(PEPE)$0.0000139.29%
  • daiDai(DAI)$1.000.00%
  • piPi(PI)$0.738.10%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$5.984.29%
  • bittensorBittensor(TAO)$417.67-0.61%
  • aaveAave(AAVE)$230.703.98%
  • nearNEAR Protocol(NEAR)$2.752.43%
  • aptosAptos(APT)$5.090.25%
  • okbOKB(OKB)$53.05-0.27%
  • ondo-financeOndo(ONDO)$0.932.37%
  • kaspaKaspa(KAS)$0.111089-0.60%
  • ethereum-classicEthereum Classic(ETC)$18.321.16%
  • internet-computerInternet Computer(ICP)$5.211.45%
  • gatechain-tokenGateToken(GT)$21.640.68%
  • crypto-com-chainCronos(CRO)$0.0983371.38%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.031.88%
  • mantleMantle(MNT)$0.731.43%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2346291.75%
  • vechainVeChain(VET)$0.0280411.75%
  • render-tokenRender(RENDER)$4.581.59%
  • ethenaEthena(ENA)$0.3762185.95%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • cosmosCosmos(ATOM)$4.842.64%
  • filecoinFilecoin(FIL)$2.832.10%
  • algorandAlgorand(ALGO)$0.2198302.38%
  • bitcoinBitcoin(BTC)$104,468.151.37%
  • ethereumEthereum(ETH)$2,462.93-0.20%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.392.41%
  • binancecoinBNB(BNB)$644.030.52%
  • solanaSolana(SOL)$169.842.13%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2270225.72%
  • cardanoCardano(ADA)$0.740.80%
  • tronTRON(TRX)$0.265683-1.95%
  • suiSui(SUI)$3.780.25%
  • chainlinkChainlink(LINK)$15.521.60%
  • avalanche-2Avalanche(AVAX)$22.430.82%
  • stellarStellar(XLM)$0.2880371.06%
  • hyperliquidHyperliquid(HYPE)$26.270.33%
  • shiba-inuShiba Inu(SHIB)$0.0000153.33%
  • hedera-hashgraphHedera(HBAR)$0.1919381.61%
  • unus-sed-leoUNUS SED LEO(LEO)$8.73-3.19%
  • bitcoin-cashBitcoin Cash(BCH)$399.922.46%
  • the-open-networkToncoin(TON)$3.111.85%
  • litecoinLitecoin(LTC)$98.531.99%
  • polkadotPolkadot(DOT)$4.671.26%
  • moneroMonero(XMR)$340.271.53%
  • bitget-tokenBitget Token(BGB)$5.164.28%
  • pepePepe(PEPE)$0.0000139.29%
  • daiDai(DAI)$1.000.00%
  • piPi(PI)$0.738.10%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$5.984.29%
  • bittensorBittensor(TAO)$417.67-0.61%
  • aaveAave(AAVE)$230.703.98%
  • nearNEAR Protocol(NEAR)$2.752.43%
  • aptosAptos(APT)$5.090.25%
  • okbOKB(OKB)$53.05-0.27%
  • ondo-financeOndo(ONDO)$0.932.37%
  • kaspaKaspa(KAS)$0.111089-0.60%
  • ethereum-classicEthereum Classic(ETC)$18.321.16%
  • internet-computerInternet Computer(ICP)$5.211.45%
  • gatechain-tokenGateToken(GT)$21.640.68%
  • crypto-com-chainCronos(CRO)$0.0983371.38%
  • official-trumpOFFICIAL TRUMP(TRUMP)$13.031.88%
  • mantleMantle(MNT)$0.731.43%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2346291.75%
  • vechainVeChain(VET)$0.0280411.75%
  • render-tokenRender(RENDER)$4.581.59%
  • ethenaEthena(ENA)$0.3762185.95%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • cosmosCosmos(ATOM)$4.842.64%
  • filecoinFilecoin(FIL)$2.832.10%
  • algorandAlgorand(ALGO)$0.2198302.38%