IRS Looking to Partner with Crypto Companies to Fight Financial Crimes
A top Internal Revenue Service (IRS) official says, "Cryptocurrency is here to stay" and "it’s becoming more legitimate." The official added that the US tax authority is looking to partner with crypto companies, declaring, "I don’t see how we can operate in this space without it."
IRS Confirms Crypto Is Here to Stay
Thomas
Fattorusso, acting special agent-in-charge of the Internal Revenue
Service-Criminal Investigation (IRS-CI)’s New York office, spoke about
cryptocurrency in an interview with The Wall Street Journal earlier this week.
"We
can’t be hostile to the technology. We have to embrace it," the IRS
official said, elaborating:
"Cryptocurrency is here to stay. As far as I’m concerned, it isn’t going anywhere anytime soon, and it’s becoming more legitimate. As the years roll on, it becomes more sophisticated."
IRS for Symbiotic Relationship
Fattorusso
explained that the IRS is looking to partner with crypto companies. "My
thought is that those relationships will develop as the years go on and as the
companies become more comfortable dealing with the federal government. I don’t
see how we can operate in this space without it," he opined.
Commenting
on the IRS cooperating and partnering with crypto firms, Fattorusso shared:
"That’s
something that we’re always working toward... that’s always the end goal—to
have those partnerships and a relationship that isn’t contentious, more of a
symbiotic relationship."
He
believes that partnering with federal agencies "helps those (crypto
companies) in their legitimacy." The IRS official added, "This is a
new industry for everybody. I think we’re still trying to feel our way around it.
The companies are feeling their way around it."
In
November last year, IRS Criminal Investigation Chief Jim Lee said that the tax
authority is building "hundreds"
of crypto cases.
What
is your take on the IRS official saying that crypto is here to stay and is
becoming more legitimate? Please post your comments.
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