The IRS wants more authority to collect data on cryptocurrencies

The Internal Revenue Service asked Congress for more authority to request reporting on the transactions of cryptocurrency exchanges and brokers on Tuesday, Bloomberg reports. The IRS hopes to use the data it collects to develop regulations for the fast-growing crypto industry — if it’s able to get the space’s biggest players to comply.

The organization made the request during the Senate Finance Committee’s hearing on the IRS’s proposed Fiscal Year 2022 budget. IRS Commissioner Charles Rettig said that the group is challenged frequently in its requests for reporting and “to have a clear dictate from Congress on the authority of [it] to collect that information is critical.”

A request from the IRS for actual power to do something about...

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