U.S. lawmakers are under increasing pressure to modernize cryptocurrency tax regulations as ongoing uncertainty complicates compliance efforts. Senator Mike Crapo, chair of the Senate Finance Committee, emphasized the urgency on December 15, warning that without legislative action, the ambiguity surrounding capital gains taxes and unclear policies could push capital and innovation abroad. Crapo highlighted a bipartisan request made over two years ago that underscored the confusion faced by taxpayers and industry participants. Despite the GENIUS Act addressing stablecoin payments, Crapo noted that significant tax issues remain unresolved. Industry leaders, including Coinbase's Lawrence Zlatkin, have stressed the need for comprehensive solutions beyond IRS guidance to manage the complexities of crypto assets effectively.