U.S. IRS chief says needs congressional authority for cryptocurrency reporting

Senate Finance Committee hearing
Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERS

June 8, 2021

WASHINGTON (Reuters) – U.S. Internal Revenue Service chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.

“I think we need congressional authority,” Rettig said in testimony to the Senate Finance Committee. “We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical.”

He said cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide, “and by design, most crypto virtual currencies are designed to stay off the radar screen, so we will be challenged right now.”

(Reporting by David Lawder)