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Bitcoin Drops to $31K as IRS Boss Asks Congress for Additional Tools for Regulating Cryptocurrencies

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Tue, 06/08/2021 - 15:40
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Alex Dovbnya
The U.S. Internal Revenue Service needs additional resources for regulating cryptocurrencies
Bitcoin Drops to $31K as IRS Boss Asks Congress for Additional Tools for Regulating Cryptocurrencies
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Charles Rettig, the head of the U.S. Internal Revenue Service, during a Senate Finance Committee hearing on June 8:     

We do need additional tools. We absolutely need additional resources.

Rettig added that the IRS "would appreciate" working with Congress.

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The chief taxman notes that most virtual currencies are designed to stay "off the radar."

The IRS has already served several John Doe summonses to several cryptocurrency exchanges to obtain users' data. As reported by U.Today, the Treasury Department will require all crypto businesses to report transfers over $10,000 to the IRS starting from 2023. President Joe Biden is seeking to double the agency's staff.

Rettig's most recent comments coincided with Bitcoin dropping to a fresh intraday low of $31,025 at 3:24 p.m. UTC on the Bitstamp exchange.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.