The Internal Revenue Service (IRS) is looking to increase their power to regulate the cryptocurrency industry, asking Congress for the authority to access and collect data on its use and users, according to IRS Commissioner Charles Rettig.
During a Senate Finance Committee hearing on Tuesday, Rettig said, “I think we need congressional authority.”
“We get challenged frequently, and to have a clear dictate from Congress on the authority of us to collect that information is critical,” he added.
Looking to clamp down on the comparatively under-regulated market, “The Biden administration has proposed requiring cryptocurrency brokers, including exchanges, to report information on their customers, including on indirect foreign investors. It would also require businesses to report when they receive crypto assets valued at more than $10,000,” explained Bloomberg.
As reported by Reuters, Rettig “said cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide,” and that “and by design, most crypto virtual currencies are designed to stay off the radar screen.”