Home
News
- 1 Elizabeth Warren and Bernie Sanders are known for raising their voices on many issues.
- 2 This time, they have claimed that crypto users are evading taxes to the tune of billions.
- 3 Whether these claims will drive the IRS or any other body to take action will have needs to be observed in the future.
Senator Incriminate Crypto Again
It is not the first time that lawmakers have made claims publicly about crypto users evading taxes. In the past, it has been done many times. The regulators have taken action against many crypto firms and their kingpins too. However, it’s hard to say if the voiced concerns of senators played any part in it or not.
Regardless, the lawmakers keep making claims and it happened again lately. On August 1, 2023, Democratic Senators Bernie Sanders, Elizabeth Warren, Richard Blumenthal, and Bob Casey wrote to IRS and the treasury department.
In the letter, they warned the top officials about crypto users evading taxes. According to them, both departments are losing $1.5 Billion in tax revenue for the 2024 financial year.
They claim that crypto users are exploiting the technology to siphon off billions of dollars. The senators pointed out the new tax laws passed in August 2021. The government introduced the bill to increase the tax reporting of crypto assets. Furthermore, the letter says that it’s been more than two years since the laws got passed.
However, the departments have not implemented the things mentioned in the draft. The letter urges the department to take immediate action against the defaulters. Notably, the agencies are not legally obliged to enforce the rule right now.
They need to implement it on December 31 2023 as per the bill. However, the senators are arguing the departments imply them right away.
Elizabeth Warren has been an outspoken critic of the crypto industry. She even went on to form an “anti-crypto army” and made it a key agenda in her election campaign. Sanders, on the other hand, has never been dead-against cryptocurrency. Nevertheless, he is a co-signatory in nearly all the letters written by Warren, citing irregularities in the crypto space.
A recent survey done by Grayscale Investments suggests that Warren won’t get enough support for this. The poll reveals that 51% of Republicans and 59% of Democrats think positively about cryptocurrency. Despite that, Warren may not stop, if one looks at her history with cryptocurrency.
Elizabeth’s Anti-Crypto Army
Elizabeth Ann Warren is an American politician and senator from Massachusetts, United States. Since the advent of cryptocurrency, Warren has been opposing the technology. According to her, blockchain gives leeway to people to indulge in corrupt practices and get away. She says that crypto enables them to evade taxes and regulatory bodies.
To stop these malpractices, Warren started forming an anti-crypto army. She went on to say that is the scourge of crypto. The Democrat senator said that she’s recruiting Republican senates to join her mission. She started looking for like-minded people who are against the expansion of digital assets.
Conclusion
Since the advent of cryptocurrency, haters of blockchain have been around. However, the technology rose against all the odds. Today, technology offers so many possibilities and prospects. With this fintech solution, organizations or startups get more power over their assets. Digital assets are a boon to the world and probably, the critics will agree to this one day.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
