Representative Sánchez signed on to a bipartisan letter to the IRS - expressing concern that the proposed IRS tax reporting rules for digital assets are overly broad, potentially harming taxpayer privacy and the U.S. crypto industry. The rules would require reporting of many minor transactions, creating a large burden on businesses and the IRS. The members of Congress who signed on requested more time for compliance and a more targeted approach to avoid stifling the digital asset sector.