U.S. IRS chief asks Congress for authority to collect cryptocurrency transfer data

Charles P. Rettig, commissioner of the Internal Revenue Service, arrives to testify during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERS

WASHINGTON (Reuters) -U.S. Internal Revenue Service Commissioner 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.

"I think we need congressional authority," Rettig said in testimony to the Senate Finance Committee. "We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical."