IRS Crypto Rules Spark Pushback From Texas Senator Ted Cruz
The crypto industry, particularly brokers, is getting a big lift from Texas Senator Ted Cruz this week. According to an Axios report, Cruz will use the Congressional Review Act (CRA) in the next few days to challenge an existing IRS tax rule on crypto income reporting. This IRS reporting rule has generated plenty of pushback from the crypto community, leading to the filing of charges.
The rule requires full reporting of income generated from cryptos and expands the “broker’ definition, which, according to critics, doesn’t reflect the true nature of decentralization.
Cruz’s reported plan to challenge this IRS rule was met with enthusiasm by the crypto community and seen by many as a principled stand against government…
