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The Internal Revenue Service Wants Congress To Authorize More To Regulate Cryptocurrencies

Mary Liu

Summary: At the hearing of the Senate Finance Committee on June 8, the Commissioner of the Internal Revenue Service Charles Rettig asked Congress to authorize more for the regulation of cryptocurrencies.  He said: "We do need additional tools. We absolutely need additional resources."  Rettig added that the IRS "wants" to cooperate with Congress.  The IRS has ...

At the hearing of the Senate Finance Committee on June 8, the Commissioner of the Internal Revenue Service Charles Rettig asked Congress to authorize more for the regulation of cryptocurrencies. 

He said: "We do need additional tools. We absolutely need additional resources." 

Rettig added that the IRS "wants" to cooperate with Congress. 

The IRS has issued several John Doe subpoenas to several cryptocurrency exchanges to obtain user data. As of press time, Bitcoin has fallen to as low as $31,263.96, a daily decline of nearly 13%.

By Mary Liu

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