Senators Warren (D-MA), Casey (D-PA), Blumenthal (D-CT) and Sanders (I-VT) warned Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel that they were "at risk of failing to meet their congressionally-mandated deadlines for implementation of a final rule to prevent crypto tax evasion."
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Senate Finance Committee Chair Ron Wyden (D-OR), and Ranking Member Mike Crapo (R-ID) posed policy questions to members of the digital asset community "to better understand how Congress can address the tax challenges and opportunities presented by digital assets." Both legislators emphasized the need for clear guidance.
The U.S. District Court for the Central District of California authorized the IRS to serve a "John Doe" summons on a California-based cryptocurrency prime dealer. The IRS is seeking information about as-yet unidentified U.S. taxpayers who conducted at least $20,000 in cryptocurrency transactions with the dealer.
Senator Pat J. Toomey (R-PA) and Senator Kyrsten Sinema (D-AZ) introduced the Virtual Currency Tax Fairness Act, which would exempt small virtual currency transactions from capital gains taxes.
Senate Finance Committee Chair Ron Wyden (D-OR) intends to introduce a broad "mark-to-market" bill later this year that would require certain taxpayers to pay an annual tax on any unrealized gain on assets.