{"id":16195,"date":"2023-01-07T01:50:03","date_gmt":"2023-01-07T01:50:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-is-here-to-stay-and-becoming-more-legitimate-regulation-bitcoin-news\/"},"modified":"2023-01-07T01:50:03","modified_gmt":"2023-01-07T01:50:03","slug":"crypto-is-here-to-stay-and-becoming-more-legitimate-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-is-here-to-stay-and-becoming-more-legitimate-regulation-bitcoin-news\/","title":{"rendered":"Crypto Is Here to Stay and ‘Becoming More Legitimate’ \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A top Internal Revenue Service (IRS) official says, \u201cCryptocurrency is here to stay,\u201d and \u201cit\u2019s becoming more legitimate.\u201d The official added that the U.S. tax authority is looking to partner with crypto companies, noting: \u201cI don\u2019t see how we can operate in this space without it.\u201d<\/strong><\/p>\n

Top IRS Official Says Crypto Is Here to Stay<\/h2>\n

Thomas Fattorusso, acting special agent-in-charge of the Internal Revenue Service-Criminal Investigation (IRS-CI)\u2019s New York office, talked about cryptocurrency in an interview with The Wall Street Journal earlier this week.<\/p>\n

\u201cWe can\u2019t be hostile to the technology. We have to embrace it,\u201d the IRS official emphasized, elaborating:<\/p>\n

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Cryptocurrency is here to stay. As far as I\u2019m concerned, it isn\u2019t going anywhere anytime soon and it\u2019s becoming more legitimate. As the years roll on, it becomes more sophisticated.<\/p>\n<\/blockquote>\n

Fattorusso explained that the IRS is looking to partner with crypto companies. \u201cMy 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\u2019t see how we can operate in this space without it,\u201d he opined.<\/p>\n

Commenting on the IRS cooperating and partnering with crypto firms, Fattorusso shared:<\/p>\n

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That\u2019s something that we\u2019re always working toward \u2026 that\u2019s always the end goal \u2014 to have those partnerships and to have a relationship that isn\u2019t contentious, more of a symbiotic relationship.<\/p>\n<\/blockquote>\n

He believes that partnering with federal agencies \u201chelps them [crypto companies] in their legitimacy.\u201d The IRS official added: \u201cThis is a new industry for everybody. I think we\u2019re still trying to feel our way around it. The companies are feeling their way around it.\u201d<\/p>\n

In November last year, IRS Criminal Investigation chief Jim Lee said that the tax authority is building<\/a> \u201chundreds\u201d of crypto cases.<\/p>\n

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.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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