IRS needs congressional authority to handle crypto, says chief

IRS needs congressional authority to handle crypto, says chief

Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying taxes on crypto.

In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a “clear dictate from Congress” to regulate crypto. The IRS has listed $32 million in its budget for “crypto-related enforcement operations” as well as $41 million related to cybercrime in its attempts to address the issue of non-reporting or underreporting taxpayers.

“The authority for us to collect that information is critical,” said Rettig. “The most recent market cap in that world — in the crypto world — exceeded $2 trillion and more than 8,600 exchanges worldwide, and by design most crypto, virtual currencies are designed to stay off the radar screen, so we will be challenged.”

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Rettig was responding to Ohio Senator Rob Portman, who in April said he intended to introduce a bipartisan

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