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.
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