A group of senators led by Democratic Senator Elizabeth Warren and Independent Senator Elizabeth Warren are urging US tax officials to advance the start date for cryptocurrency brokers and exchanges to report customer transaction information to the government. They believe that delaying the implementation of the rule for two years will result in the US missing out on billions of dollars in tax revenue. The proposed regulations released by the IRS and Treasury Department in August will require these companies to report sales and transaction data of digital assets starting in 2026, which is two years later than the plan when Congress passed legislation in 2021. The Treasury Department stated that the delay would give brokers more time to adapt to the rules, and the new rules have not yet been finalized. So far, the IRS and Treasury Department have received more than 90 comments on the plan. This debate may become an important part of a public hearing, which the government has scheduled for November 7th.
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