US lawmakers urge IRS and Treasury to close crypto tax loopholes: Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey, and Richard Blumenthal have called on the Internal Revenue Service and the Treasury to speed up the closure of tax loopholes exploited by "crypto tax evaders." The senators claim there is a "$50 billion crypto tax gap" and warn that delaying a tax policy update could result in a loss of around $1.5 billion in tax revenue for the 2024 financial year. They are referring to new tax laws outlined in the Senate's $1.2 trillion infrastructure bill passed in August 2021, which aimed to increase tax reporting requirements for crypto brokers.