US tax agency requests ‘clear dictate’ from Congress to collect cryptocurrency transfers data | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

US tax agency requests ‘clear dictate’ from Congress to collect cryptocurrency transfers data

America’s federal tax agency – the Internal Revenue Service – has set its sights on cryptocurrencies and requested that Congress grant it authority to collect data on transfers to supposedly fight tax evasion.

“I think we need congressional authority,” the IRS head, Charles Rettig, said on Tuesday in testimony to the Senate Finance Committee. He argued that his service gets “challenged frequently” in the field of cryptocurrency operations and having a “clear dictate from Congress” allowing it to collect the relevant information “is critical.”

Most cryptocurrencies are “designed to stay off the radar screen, so we will be challenged right now,” Rettig said, adding that cryptocurrency market capitalization has since grown to over $2 trillion as it includes more than 8,600 exchanges worldwide.

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