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The U.S. Senate Finance Committee has asked for help from the cryptocurrency industry to better understand how Congress can address the fiscal challenges and opportunities presented by digital assets.
In a letter made public on Tuesday, Chairman Ron Wyden and ranking member Mike Crapo posed a series of questions on nine topics, including digital asset lending, wash sales, staking and mining.
“In recent months, the Finance Committee has launched a bipartisan effort to identify key issues that lie at the intersection of digital assets and tax law,” the letter said. “The Internal Revenue Code of 1986, as amended (IRC), makes distinctions between types of property, with no simple classification for digital assets. This uncertainty creates complex reporting issues for taxpayers…”
The Committee will collect responses until September 8, 2023.
Last month, House lawmakers urged the Internal Revenue Service (IRS) to quickly release planned crypto tax rules so the industry can be fully compliant. In April, an IRS official said the agency hoped to implement a new operational plan to deal with cryptocurrencies over the “next 12 months.”
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