U.S. IRS chief says needs congressional authority for cryptocurrency reporting
WASHINGTON (Reuters) – U.S. Internal Revenue Service chief Charles Rettig acknowledged on Tuesday that Congress needs to produce clear statutory authority for the tax firm to assemble information on cryptocurrency transfers valued at over $10,000 that largely go unreported.
“I really feel we might like congressional authority,” Rettig acknowledged in testimony to the Senate Finance Committee. “We get challenged ceaselessly, and to have a clear dictate from Congress on the authority for us to assemble that information is important.”
He acknowledged cryptocurrency market capitalization is over $2 trillion, with larger than 8,600 exchanges worldwide, “and by design, most crypto digital currencies are designed to stay off the radar show, so we will be challenged correct now.”
(Reporting by David Lawder)
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