Court authorizes IRS to seek identities of taxpayers who have used cryptocurrency
Users of the crypto exchange, Kraken, could hear from the government agency
Kraken CEO Jesse Powell on what separates Kraken's trading platform from Coinbase and how U.S. companies are at a disadvantage compared to other countries.
A federal court has authorized the Internal Revenue Service (IRS) to serve a "John Doe Summons" on the crypto exchange Kraken, seeking identities of U.S. taxpayers who have used cryptocurrency, the Department of Justice said on Wednesday.
The IRS is seeking information about taxpayers who conducted at least $20,000 worth of transactions in cryptocurrency from 2016 to 2020, the DOJ said in a statement.
CLICK HERE TO READ MORE ON FOX BUSINESS
"Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer", acting Assistant Attorney General David Hubbert of the Justice Department’s Tax Division said in the statement.