Lawmakers want IRS and Treasury to speed up crypto tax rules.

Reps. Brad Sherman (D-Calif) and Stephen Lynch (D-Mass) have urged the U.S. Treasury Department and Internal Revenue Service (IRS) to quickly release crypto tax regulations to bring the industry into full compliance. The lawmakers noted that the crypto industry has been a significant source of tax evasion for many years, contributing to the nation’s tax gap. While the White House may have finished reviewing the 2021 infrastructure bill’s tax reporting requirements for crypto brokers in February, the proposed regulations have yet to be released. The definition of “broker” in the bill could apply the reporting requirement to miners and crypto wallet providers, who may not be able to comply with the rule. The IRS is currently looking at other ways to communicate with the industry, and the lawmakers emphasized that the industry has had all of 2022 to prepare for the regulations and should not get 2023 off as well.

Read more: Incoming House Financial Services Committee Chair Asks Secretary Yellen to Delay Crypto Tax Provision

During CoinDesk’s Consensus event in April, IRS official Julie Foerster stated that she could not provide a timeline for updating and clarifying the guidance on crypto taxes. The letter from the lawmakers emphasizes the need for clear regulations to prevent tax evasion in the industry.

Read more: IRS Hopes to Have New Crypto Operating Plan in ’12-ish’ Months, Official Says

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The article was edited by Sheldon Reback.

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