IRS commissioner seeks congressional authority to collect data on cryptocurrency transfers

Testifying before the Senate Finance Committee, U.S. Internal Revenue Service Commissioner Charles Rettig asked for congressional authority to collect data on cryptocurrency transfers over $10,000, Reuters reports. Under the Biden administration’s 2022 revenue proposals, cryptocurrency transfers of $10,000 or more must be reported to the Internal Revenue Service. “We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical,” Rettig said.