February 8, 2023

Internal Revenue Service Decides to Work with DeFi Enterprises to Curb Illegal Practices

During a recent interview with the Wall Street Journal, IRS special agent Thomas Fattorusso talked about the struggles of the agency to fight crypto-related crimes. The agent also told the media that IRS is not working against the crypto sector but wishes to work in tandem with the crypto companies to curb criminal activities.

According to his remarks, the goal of the IRS is to create a symbiotic relationship with the cryptocurrency operators. The Wall Street Journal article has also claimed that IRS agent has exclaimed that the cryptocurrency market is here to stay.

Furthermore, the federal agency is willing to work alongside various cryptocurrency enterprises.

IRS Takes Significant Measures Against Cryptocurrency Crimes

As per the remarks of special agent Thomas Fattorusso, the IC department of the IRS is currently hiring recruits for field operations.

The CI unit stands for the crime investigation wing. At the same time, Fattarusso maintained a neutral stance towards cryptocurrencies. He told the media that the agency is not hostile toward the asset class.

Furthermore, he also pointed out that cryptocurrencies are gaining more legitimacy with each passing day. He talked about the vision of cultivating a symbiotic relationship with the cryptocurrency market operators.

According to his remarks, the agency has kept the same vision toward cryptocurrency from the get-go. However, he professed that it is their end goal.

During his interview with the Wall Street Journal, the IRS special agent Fattarusso also talked about creating a financial structure that is collaborative.

He further explained that moving forward in association with each other is going to grant them more legitimacy. He noted that crypto is a nascent industry and technology for many people.

According to Fattarusso, some many investors and enterprises are working on understanding crypto technology properly. He also expressed his enthusiasm about hiring young people from the tech world for the agency.

According to him having insiders from the crypto market is going to help IRS in improving its regulatory efforts for the cryptocurrency industry.

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