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Senators ask Treasury to put out guidance for crypto brokers by year’s end

On December 14, six U.S. senators wrote to Treasury Secretary Janet Yellen, asking her to keep their original intent in mind as the Treasury Department implements new tax reporting provisions for crypto brokers.  In the letter, Senators Portman, Warner, Crapo, Sinema, Toomey and Lummis asked Yellen to verify previous statements from the Biden administration that indicated: “[T]hat the reporting requirements only cover brokers who enable the transfer of digital assets for consideration — and not other parties which are ancillary …