Internal Revenue Service Commissioner Charles Rettig on Tuesday asked Congress for new authority and resources in order to regulate cryptocurrencies for better tax collection and to avoid frauds and scams.
Rettig asked for the new measures during a Senate Finance hearing Tuesday to examine President Joe Biden‘s 2022 budget proposal, which calls for $41 million to expand anti-cybercrime efforts and $32 million for cryptocurrency-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 Republican Sen. Rob Portman of Ohio.
“The most recent market capitalization in that world, the crypto world, exceeded $2 trillion and more than 8600 exchanges worldwide,” he added.
Rettig said that most virtual currencies, such as Bitcoin or Ethereum, are designed to being hidden and difficult for the IRS to track.
- KanYe West Red Pills Alex Jones About National Socialism and Hitler
- “Baal-enci-aga” Literally Means “Baal The King”
- The Numbers Are Screaming That A Giant Tsunami Of U.S. Layoffs Has Now Begun
- Check your 401(k)’s fine print! Because now Biden wants to raid YOURS to fund net zero and ‘diversity’.
- Supreme Court Case to Remove Biden On Docket. Finally Justice? Or is America Dead?
- The U.S. Economy Just Took A Very Dark Turn
- CREDIT SUISSE is the next Bear Stearns?
- Terrifying Event Happening RIGHT NOW & MSM Is Doing Everything To Shut It Down!
- Marauding Bands Of Looters Are Stealing Billions Of Dollars Worth Of Merchandise As America Descends Into Lawlessness
- Housing Bubble 2.0 is bursting. Cue the next Great Financial Crisis in 3-2-1