{"id":557796,"date":"2021-06-09T07:21:42","date_gmt":"2021-06-09T11:21:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=557796"},"modified":"2021-06-09T07:21:44","modified_gmt":"2021-06-09T11:21:44","slug":"irs-asks-congress-for-authority-to-collect-cryptocurrency-information","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-asks-congress-for-authority-to-collect-cryptocurrency-information\/","title":{"rendered":"IRS Asks Congress For Authority To Collect Cryptocurrency Information"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-asks-congress-for-authority-to-collect-cryptocurrency-information%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=557796&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1141718042-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>The Internal Revenue Service (IRS) is looking to increase their power to regulate the cryptocurrency industry, asking Congress for the authority to access and collect data on its use and users, according to IRS Commissioner Charles Rettig.<\/span><\/p>\n<p><span>During a Senate Finance Committee <a href=\"https:\/\/www.finance.senate.gov\/hearings\/the-irss-fiscal-year-2022-budget\">hearing<\/a> on Tuesday, Rettig said, \u201cI think we need congressional authority.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cWe get challenged frequently, and to have a clear dictate from Congress on the authority of us to collect that information is critical,\u201d he added.<\/span><\/p>\n<p><span>Looking to clamp down on the comparatively under-regulated market, \u201cThe 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,\u201d explained <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-08\/irs-chief-asks-congress-for-authority-to-get-cryptocurrency-data?sref=ExbtjcSG\"><span>Bloomberg<\/span><\/a><span>.<\/span><\/p>\n<p><span>As reported by <\/span><a href=\"https:\/\/www.reuters.com\/business\/us-irs-chief-says-needs-congressional-authority-cryptocurrency-reporting-2021-06-08\/\"><span>Reuters<\/span><\/a><span>, Rettig \u201csaid cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide,\u201d and that \u201cand by design, most crypto virtual currencies are designed to stay off the radar screen.\u201d\u00a0<\/span><\/p>\n<p><span>According to Bloomberg, Rettig continued to explain that \u201cThe IRS currently issues summonses to third parties to get information on cryptocurrency users, without naming specific individuals,\u201d and that the agency is \u201calso active in both civil and criminal enforcement,\u201d but \u201cneeds additional tools and resources from Congress.\u201d<\/span><\/p>\n<p><span>As the Biden administration seeks to increase spending, the volatile cryptocurrency market has been viewed by the Biden administration as another potential source of capital gains tax income; Reuters noted, \u201cThe Biden administration has targeted the volatile crypto asset markets for capital gains tax collections.\u201d That agenda would join the additional goal of cracking down \u201con illicit uses of such digital currencies, which have been demanded increasingly by perpetrators of ransomware attacks on corporate computer networks.\u201d<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.theverge.com\/2021\/6\/8\/22524705\/irs-congress-cryptocurrency-exchanges\"><span>The Verge<\/span><\/a><span> noted, \u201cProposed legislation regulating the industry has been piling up, especially since Biden took office.\u201d\u00a0<\/span><\/p>\n<p><span>For example, in December, \u201cthe Financial Crimes Enforcement Network (FinCEN) proposed requiring exchanges to report information (like names, for instance) connected to private anonymous crypto wallets exchanging over $10,000 in a day,\u201d while also proposing \u201csimilar \u201cknow-your-customer\u201d requirements on international transactions.\u201d<\/span><\/p>\n<p><span>The request for added cryptocurrency-related power came during a Senate Finance Committee hearing on the IRS\u2019s proposed Fiscal Year 2022 <\/span><a href=\"https:\/\/www.finance.senate.gov\/hearings\/the-irss-fiscal-year-2022-budget\"><span>budget<\/span><\/a><span>.\u00a0<\/span><\/p>\n<p><span>The effort to regulate and tax cryptocurrency in the U.S. comes as part of a raging debate over the part currencies such as Bitcoin can play in domestic and international markets. China, for example, is looking to push their own state-regulated digital currency, and is therefore arguably engaging in an assault on cryptocurrencies. Just <\/span><a href=\"https:\/\/www.dailywire.com\/news\/judgement-day-for-crypto-with-eyes-on-digital-currency-china-continues-assault-on-cryptocurrency-blocks-social-media-crypto-accounts\"><span>days ago<\/span><\/a><span>, multiple \u201ckey opinion leader\u201d social media accounts which discussed cryptocurrencies were banned, described as \u201cJudgement Day for crypto KOL,\u201d according to one censored user.<\/span><\/p>\n<p><span>Weeks prior, further Chinese legislative action triggered <\/span><span>a crash in the cryptocurrency market, with the market cap losing nearly $1 trillion.<\/span><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/bitcoin-ethereum-plunge-crypto-market-134615617.html\"><span>Yahoo! Finance<\/span><\/a><span> explained in mid-May that the sharp decline followed China\u2019s decision to ban \u201cfinancial and payment institutions from providing cryptocurrency services.\u201d According to the <\/span><a href=\"https:\/\/www.bbc.com\/news\/business-57169726\"><span>BBC<\/span><\/a><span>, the communist regime also \u201cwarned investors against speculative crypto trading.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service (IRS) is looking to increase their power to regulate the cryptocurrency industry, asking Congress for the authority to access and collect data on its use and &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2279717,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1141718042-1200x800-1.jpg","fifu_image_alt":"IRS Asks Congress For Authority To Collect Cryptocurrency Information","footnotes":""},"categories":[],"tags":[],"class_list":["post-557796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1141718042-1200x800-1.jpg","fifu_image_alt":"IRS Asks Congress For Authority To Collect Cryptocurrency Information","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/557796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=557796"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/557796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2279717"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=557796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=557796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=557796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}