Cointime

Cointime

Download App
iOS & Android
Home / Point

IRS: About half of all investigations into digital assets in the past year involved tax issues

  • Wechat scan to share

Criminal Investigation Department of the US Internal Revenue Service (IRS-CI) reported that it participated in a larger proportion of cryptocurrency investigations on December 4th. The head of the IRS-CI, Jim Lee, stated in a statement to Bloomberg that about half of all investigations into digital assets in the past year involved tax issues. In contrast, he pointed out that three years ago, 90% of active cryptocurrency cases involved money laundering.

The statement was released together with the annual report of the Criminal Investigation Department of the US Internal Revenue Service on the same day. There, Lee admitted that most cryptocurrency users have legitimate intentions and that digital assets can promote financial innovation. However, he emphasized that cryptocurrency may facilitate money laundering, cybercrime, ransomware, drug trafficking, human trafficking, terrorism, weapons financing, and tax crimes. He added that cross-chain cryptocurrency transactions and token exchanges make tracking difficult but not impossible.

Cryptocurrency
Comments

All Comments

Recommended for you

  • A senior Brazilian official: Bitcoin reserves are "crucial" to Brazil's prosperity

    according to Decrypt, Pedro Giocondo Guerra, senior advisor to the Vice President of Brazil, stated in a recent speech on behalf of the government: "The strategic reserve of Bitcoin is crucial for the prosperity of the country. Discussions about establishing a BTC reserve may be a key factor in deciding the prosperity of Brazil, in line with the interests of the country and the public." Brazilian congressman Eros Biondini (PL-MG) previously proposed legislation to establish a "strategic sovereign Bitcoin reserve" (RESBit). Holding 5% of foreign exchange reserves (international reserves) in Bitcoin, the Central Bank of Brazil will use advanced monitoring systems, blockchain technology, and artificial intelligence to monitor transactions and be responsible for custody.

  • Bitpanda receives broker-dealer license from Dubai Virtual Assets Authority

    Bitpanda, headquartered in Vienna, has obtained a broker-dealer license from the Dubai Virtual Asset Regulatory Authority (VARA).

  • Deutsche Börse’s Clearstream to Start Offering Bitcoin, Ethereum Custody Services in April

    Clearstream, the post-trade division of Deutsche Boerse, announced that it will start providing cryptocurrency settlement and custody services for institutional clients in April this year.

  • Citi: Downgrade US stocks to neutral, upgrade China stocks to overweight

    Citigroup's strategist has downgraded the rating of the U.S. stock market from overweight to neutral, while upgrading the rating of the Chinese stock market to overweight, citing that "the U.S. exceptionalism has at least been suspended."

  • Web3 data and AI company Validation Cloud completes $15 million Series A funding

    Web3 data and AI company Validation Cloud announced the completion of a $15 million Series A financing round, led by True Global Ventures, with participation from Cadenza, Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital. It is reported that the company's collateral assets have exceeded $1.5 billion, with clients including Chainlink, Aptos, Consensys, Stellar, and Hedera. The new funds will support its expansion in the areas of blockchain intelligence, AI data, and more.

  • David Sacks: The U.S. government’s premature sale of Bitcoin has cost U.S. taxpayers more than $17 billion

    White House AI and cryptocurrency chief David Sacks posted on social media, "The early sale of Bitcoin by the US government has cost American taxpayers over $17 billion. Now, the federal government will develop a strategy to maximize the value of its Bitcoin holdings."

  • David Sacks: The U.S. government will not acquire other crypto assets for strategic reserves except for confiscated assets

    White House AI and cryptocurrency chief David Sacks posted on social media that President Trump's executive order also established the U.S. Digital Asset Reserve, which includes digital assets other than Bitcoin confiscated in criminal or civil litigation. In addition to assets obtained through confiscation procedures, the government will not acquire other assets for the reserve assets. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury Department.

  • Forbes reporter: Trump's executive order will establish two types of digital asset storage mechanisms

    Forbes reporter Eleanor Terrett wrote on X platform that Trump's executive order will establish two different digital asset storage mechanisms: Bitcoin Strategic Reserve and Digital Asset Reserve. The Bitcoin Strategic Reserve will contain approximately 200,000 BTC obtained through criminal and civil forfeitures, with the government authorized to explore ways to acquire more bitcoin without increasing the taxpayer burden. The Digital Asset Reserve will include other digital assets such as XRP, ADA, ETH, and SOL, but the government will not actively seek to purchase these assets. The executive order also requires a comprehensive audit of all digital assets held by the government. According to David Sacks, the purpose of the reserves is "responsible management of government digital assets by the U.S. Treasury Department."

  • ZachXBT: Suspected insiders made $3.8 million in profits on RTR

    On August 10th, Chain Detective ZachXBT posted on social media that 4 addresses made a profit of $3.8 million in the RTR sell-off, with the 9G1ELG and GHoW2 addresses belonging to the same person and receiving 500 SOL in new funds within minutes after the TGE. Previously, it was reported that Restore The Republic (RTR) had its TGE on the evening of August 8th, with rumors circulating in the community that it was related to a new project by the Trump family. The RTR token reached a high of $0.156 on August 9th at midnight. Afterwards, Eric Trump, the current Executive Vice President of the Trump Organization and son of Donald Trump, warned on social media to "be careful of false tokens" and that the only official Trump project has yet to be announced and will be announced on Twitter first. After the statement was released, RTR quickly dropped by about 95%, with a trading volume of $164 million within just 15 hours of its creation.

  • The U.S. Internal Revenue Service has released a new draft of the crypto tax form, which no longer requires filling in wallet addresses and transaction IDs

    The US Internal Revenue Service (IRS) released an updated draft version of tax form 1099-DA for cryptocurrency brokers and investors to report certain transaction income. The public has 30 days to provide feedback to the IRS on this version. Starting in 2026, cryptocurrency investors who use brokers (currently mainly Coinbase and Kraken, among others) will receive 1099-DAs from these brokers to report certain cryptocurrency sales and trades as taxable events to the IRS. IRS officials say this form will "bring more convenience and clarity" to users who pay US cryptocurrency taxes.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company
Cointime

Hot Coins

TerraClassicUSD USTC
$0.01176
+ 2.63%
$65844722.98
Terra Classic LUNC
$0.00005848
+ 2.56%
$318558442.21
Axie Infinity AXS
$2.69
+ 1.95%
$431126029.73

Daily Must-Read

01
Stablecoin rules needed in US before crypto tax reform, experts say
02
Rethinking Ownership, Stablecoins, and Tokenization from First Principles
03
Crypto Giants Seek Congressional Clarity on US Money Transmitter Rules
04
Massive Bitcoin whale buys $200M in BTC, another wakes up after 8 years
05
Ripple will drop cross-appeal in SEC case, get refund from lower court ruling
06
TRUMP Token Pops 12% After U.S. President Calls it 'The Greatest of Them All'