This has triggered frustration within the ranks of the President’s party, including Senator Elizabeth Warren (D., Mass.) and three other senators who are now stressing the Biden administration to expedite the process. Biden Administration Under Pressure To Bring Crypto RulesInitially planned for the current tax year, the enforcement of the 2021 law is now uncertain for even the 2024 tax year due to continuous delays. The law, aiming to close loopholes allowing crypto investors to evade taxes, was predicted to generate an additional $28 billion in federal revenue over a decade. According to tax lawyer James Creech, these measures would also make tax compliance simpler for crypto investors and could help standardize the industry.

Source: Wall Street Journal August 02, 2023 15:14 UTC