Bitcoin falls to three-week low as IRS seeks approval for reporting rules

Representations of the Bitcoin cryptocurrency are seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration

LONDON (Reuters) - Bitcoin fell to a three-week low on Tuesday amid signs of institutional investor caution, while the head of the U.S. Internal Revenue Service called for lawmakers to provide authority for tighter reporting rules on crypto transfers.

IRS chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.