The head of the Internal Revenue Service (IRS) says “Cryptocurrency is here to stay” and “it’s becoming more legitimate.” The official noted, adding that U.S. tax authorities are considering partnering with crypto companies.” I can’t see how we can operate in this space without it.”
A top IRS official said Crypto Is Here to Stay
Thomas Fattorusso, acting special agent in charge of the New York office of the Internal Revenue Service-Criminal Investigation (IRS-CI), discussed cryptocurrencies in an interview with The Wall Street Journal earlier this week.
“We can’t be hostile to technology. We have to embrace it,” the IRS official stressed, elaborating.
Cryptocurrency is here to stay. As far as I know, it is not going anywhere anytime soon and is becoming more legitimate. It gets more sophisticated with each passing year.
Fattorusso explained that the IRS is considering partnering with a crypto company.” My view is that such a relationship will develop as the years go by and (as) companies become more accustomed to dealing with the federal government. I don’t see how we can operate in this space without it,” he opined.
Commenting on the IRS working with and partnering with crypto companies, Fattorusso shared.
That’s what we always aim for … It is always the ultimate goal – to have those partnerships and have a more symbiotic relationship, without conflict.
He believes that partnering with federal agencies “helps them [crypto companies] with their legitimacy. “The IRS official added, “This is a new industry for everyone. I think we are still trying to feel our way around it . Companies are feeling their way around it.”
Last November, IRS Criminal Investigation Chief Jim Lee said tax authorities were building “hundreds” of encryption cases.
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