Two members of the US Congress sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel. She carried their concerns about tax compliance practices in the cryptocurrency industry. They also demanded the implementation of fiscal regulations.
The need for regulation is urgent according to these members of the American congress
Brad Sherman and Stephen Lynch are both members of the United States Congress. They sent a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel. The purpose was to notify them of their concerns about crypto compliance practices. In this document, we can read:
” For years, this industry (crypto) has been a major source of tax evasion and a significant part of the country’s (US) tax gap. »
First, in a September 2020 audit report, the Treasury Inspector General for Tax Administration (TIGTA) pointed out the IRS’ inability to identify pro-crypto taxpayers due to lack of reporting. Both members of the US Congress relied on this report for their criticisms. Then, the Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Bill) which had been signed into law by President Joe Biden in november 2021, should require taxpayers to report crypto transactions as early as 2023. But members of Congress remark that “ Proposed regulations have yet to be enacted “.
Serious crypto regulation in sight in the United States?
It has been quite a while now that different players in the crypto industry claim regulation in the crypto industry. Several authorities have tried tricks to put an end to cryptocurrencies. But Sherman and Lynch, called for prompt publication of proposed regulations. Thus, the objective would be to reduce the tax gap and bring the cryptocurrency industry to full tax compliance“.
Meanwhile, the Biden administration continues to back a demand for a 30% digital asset mining energy tax on cryptocurrency miners.
In sum, the text of a crypto tax bill proposed by the US Congress contains no mention of the Biden tax. This is reminiscent of its shelving by some observers. Does this mean the anti-crypto Biden camp is losing the battle?
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
