US Tax Wants to Expand Its Opportunities in Crypto Regulation

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The head of the US Internal Revenue Service (IRS) Charles Rettig, during today’s Senate meeting, appealed to lawmakers with a proposal to give his department additional powers to regulate the cryptocurrency industry. Asked by one of the senators if he considers the IRS’s capabilities in this area sufficient, Rettig said they should be expanded.

 

“We often face challenges. Clear direction from Congress to collect relevant information is of the utmost importance, he said. – Cryptocurrency market capitalization recently exceeded $ 2 trillion. By their very nature, virtual currencies are designed to stay out of sight, so we will continue to face challenges. ”

 

Under Rettig, the IRS launched an activity to collect information about users of cryptocurrency exchanges, among which there may be tax evaders. The department has successfully secured the approval of several such requests in court, but the head of the IRS considers the available opportunities insufficient.

 

“We really need more tools and we definitely need more resources,” he said.

 

In April, it became known that the IRS was looking for a company that would provide him with the tools to crack hardware crypto wallets.

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