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IRS Official: Crypto Is Here to Stay and ‘Becoming More Legitimate’

News Feed - 2023-01-07 10:01:23

IRS Official: Crypto Is Here to Stay and "Becoming More Legitimate"


A top Internal Revenue Service (IRS) official says, “Cryptocurrency is here to stay,” and “it’s becoming more legitimate.” The official added that the U.S. tax authority is looking to partner with crypto companies, noting: “I don’t see how we can operate in this space without it.” Top IRS Official Says 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, talked 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 emphasized, 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.


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 with 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 to have a relationship that isn’t contentious, more of a symbiotic relationship.


He believes that partnering with federal agencies “helps them [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. Tags in this story IRS, irs crypto, irs cryptocurrency, IRS official crypto, IRS official cryptocurrency, Thomas Fattorusso


What do you think about the IRS official saying that crypto is here to stay and is becoming more legitimate? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Thai SEC Launches "Crypto Academy" to Help Digital Asset Investors REGULATION | 3 hours ago SEC Charges Team Behind Coindeal Crypto Fraud That Promised 500,000 Times Investment Returns REGULATION | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleChinese Researchers Claim Success in Breaking RSA Encryption With Quantum Computer, Experts Debate Veracity of Discovery Next articleSEC Charges Team Behind Coindeal Crypto Fraud That Promised 500,000 Times Investment Returns Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


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