The leaders of a US Congress caucus focused on blockchain are calling for guidance from the Internal Revenue Service (IRS) regarding the tax requirements for cryptocurrencies. In a letter dated 2nd June, two co-chairs of the Blockchain Caucus, a congressional group which was founded last autumn, called on the tax agency to "issue additional guidance on the tax consequences and basic tax reporting requirements for transactions using virtual currencies". The co-chairs wrote:
"Further, we encourage the IRS to engage with virtual currency exchanges to better understand their ability to engage in information reporting, including recordkeeping to track realized gain or loss and identify the amounts of virtual currency used in taxable transactions."