IRS chief asks Congress for authority and resources to regulate cryptocurrencies

(Worthy News) – Commissioner Charles Rettig on Tuesday asked for new authority and resources in order to regulate cryptocurrencies for better collection and to avoid frauds and scams.

Rettig asked for the new measures during a Finance hearing Tuesday to examine President ’s 2022 budget proposal, which calls for $41 million to expand anti-cybercrime efforts and $32 million for -related enforcement operations and additional tax information reporting for businesses that receive cryptocurrency that has a fair market value of over $10 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,” Rettig said in response to a question from Sen. Rob Portman of Ohio. [ Source: Washington Examiner (Read More…) ]

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