IRS Seeks Authority to Regulate Cryptocurrencies

The agency is also asking Congress for additional resources.

Charles Rettig, Commissioner of the Internal Revenue Service, has asked Congress for new authority and resources in order to regulate cryptocurrencies for better tax collection and to avoid frauds and scams.

He asked for the new measures during a Senate Finance hearing examining the president’s 2022 budget proposal, which calls for $51 million to expand anti-cybercrime efforts and $31 million for cryptocurrency-related enforcement operations, as well as additional tax information reporting for businesses that receive cryptocurrency that has a fair market value of over $70 million.

“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,“ Commissioner Rettig said in response to a question from  Senator Rob Portman of Ohio.

As the Lord Leads, Pray with Us…

  • For Congress as they deliberate the appropriate regulation of cryptocurrencies.
  • For members of the Senate Finance Committee as they review other aspects of the president’s proposed budget for 2022.
  • For discernment for Commissioner Rettig as he leads the Internal Revenue Service.

Sources: Washington Examiner, The Hill


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