Legal and regulatory
$ 3.5 billion in cryptocurrencies accounted for 93% of all assets seized by the IRS in 2021: report
November 19, 2021
The agency expects to seize billions of dollars in cryptocurrency next year after gaining more capacity to monitor crypto transactions in the infrastructure package, to counter a comprehensive bipartisan bill that was presented to the House.
The Internal Revenue Service (IRS) seized $ 3.5 billion in cryptocurrency in fiscal year 2021, according to an annual IRS criminal investigation report released this week.
This figure represented 93% of all assets seized by the tax authorities during this period.
Now, the IRS expects to seize multi-million dollar crypto related to tax evasion and other crimes in the next year as well, according to the chief of criminal investigations.
“I expect the trend of crypto foreclosures to continue as we move into fiscal year 22,” said IRS chief of criminal investigations Jim Lee in a call with reporters. “We see cryptocurrencies involved in various of our crimes as we go along. “
In its annual report, the IRS said that cybercrime affecting US financial systems was “growing exponentially” and added that it was now prioritizing training on crypto-related criminal schemes.
Congress recently granted the IRS greater ability to monitor crypto transactions in the infrastructure package that President Joe Biden signed into law on Monday. The law contains the exaggerated definition of crypto “broker” to allow them to track and report transactions to the IRS.
This week, a full bipartisan bill was introduced in the House to clarify the definition of a corridor and for other purposes.
I filed this bipartisan bill with @RepTimRyan to correct the poorly constructed new #digitalasset report requirements.
The Keep Innovation in America Act will bring clarity to innovators implementing the next generation of # Internet technology. https://t.co/cAMWsPoiD8
– Patrick McHenry (@PatrickMcHenry) November 18, 2021
This bill “will fix EVERYTHING that is wrong with the crypto tax provision of the Infrastructure Bill, including the unconstitutional §6050I individual reporting mandate,” said Jerry Brito, CEO of CoinCenter.
It noted that it would replace the too broad definition of “broker” with a definition reasonably limited to exchanges that buy and sell cryptocurrencies for clients, it will only cover information voluntarily provided by clients and maintained for business purposes. the expanded reporting requirement for digital assets.
“Blockchains, cryptocurrencies, and decentralized finance may still be new and evolving, but Congress must recognize that these technologies are among the most important innovations to come in a generation,” the member said. Congressman Tim Ryan, with Patric McHenry, who introduced this legislation. . .
Congressman Ryan said a balance must be struck between consumer protection and reasonable oversight while providing space for these technologies to flourish, which is essential to seizing this opportunity.
AnTy has been involved in the crypto space full time for over two years. Prior to her blockchain debut, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read, and created for different segments of the industry.
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