According to Cointelegraph, seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers as swiftly as possible. In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including Elizabeth Warren and Bernie Sanders criticized a two-year delay in implementing crypto tax reporting requirements, which are scheduled to go into effect in 2026 for transactions in 2025. The lawmakers claimed delaying implementation of the rules could cause the IRS to lose roughly $50 billion in annual tax revenue, and continue policies allowing bad actors to avoid paying taxes.

The crypto reporting requirements, proposed by the IRS in August, were still open to public comments until Oct. 30. Brokers would be required to help taxpayers determine if they owe taxes through crypto as well as report information on digital asset transactions. Representative Patrick McHenry, currently acting as interim House Speaker following Republican lawmakers voting to declare the office vacant, has criticized the measure as an attack on the digital asset ecosystem.