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IRS Chief Asks Congress for Authority to Get Cryptocurrency Data

June 8, 2021, 4:03 PM

The Internal Revenue Service needs more authority from Congress to regulate the cryptocurrency industry and require more reporting on its users, Commissioner Charles Rettig said Tuesday.

“We get challenged frequently, and to have a clear dictate from Congress on the authority of us to collect that information is critical,” Rettig said during a Senate Finance Committee hearing.

The Biden administration has proposed requiring cryptocurrency brokers, including exchanges, to report information on their customers, including on indirect foreign investors. It would also require businesses to report when they receive crypto assets valued at more than $10,000.

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