The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said.
IRS Says It Needs More Authority to Collect Crypto Data
IRS Commissioner Charles Rettig said Tuesday during a Senate Finance Committee hearing that the IRS needs more authority to do its job in regulating cryptocurrency. He said:
I think we need congressional authority. We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical.
The commissioner noted that the cryptocurrency market is growing and its value is now approximately $2 trillion, with more than 8,600 exchanges worldwide.
The Biden administration has proposed requiring businesses to report information on cryptocurrency transactions valued at more than $10,000 to the IRS.