Comments of the Head of IRS’s Criminal Investigation Wing
Surprising remarks were made by an official in the Internal Revenue Service (IRS), particularly with regard to the future of cryptocurrencies.
In the remarks, a top official of the IRS said that there is no question about the longevity of cryptocurrencies. He also said that in the near future crypto would become more authentic and legitimate.
The person making these remarks was Thomas Fattorusso, who is currently acting in charge of the department’s criminal investigation wing in NY.
Fattorusso was being interviewed by The Wall Street Journal where he made such remarks. He also told the publication that he cannot assume IRS working in an environment minus cryptocurrencies.
No Need for Acting Hostile against Blockchain and Crypto
The remarks made by IRS’s top officials were no less than a shocker for most of the crypto community. Usually, IRS and government institutes like IRS do not make such remarks which in particular support cryptocurrencies.
However, there are people in these departments who have been observing the crypto-blockchain industry for a while. These observers have come to the conclusion that the crypto-blockchain industry is going nowhere.
The industry is going to stick around for a long time and to some observers, the industry has a permanent existence. Therefore, it is important that such people keep supporting the crypto-blockchain industry.
In his interview with The Wall Street Journal, Fattorusso expressed that blockchain and cryptocurrencies are technological breakthroughs. He also said that these technologies are so beneficial that everyone must embrace them.
He also stated that there is no point in acting hostile either against cryptocurrencies or blockchain.
He further emphasized that crypto is something whose longevity can be doubted by anyone. He remarked that “crypto is a piece of the puzzle without which the puzzle cannot be completed”.
As regards the future of crypto, he advised that crypto will take its time to eventually become more authentic, meaningful, and legitimate.
Possibility of IRS Partnering With Crypto In the Future
Fattorusso also shed some light on the future plans of the department which included partnering with entities involved in cryptocurrencies.
He specifically said that he firmly believes that IRS and crypto could be partners in the future. He insisted that it will take a few more years for crypto entities to develop a non-fearful relationship with IRS.
As regards IRS, he said that he cannot even assume working in an environment excluding cryptocurrencies in the future.
He reverted back to a partnership with crypto entities to suggest that it is one of the areas on which the department is working.
Fattorusso opined that developing partnership with crypto companies is the ultimate goal of the department.
He suggested that the partnership will help both sides in developing an easy-going relationship instead of a contentious one.
Speaking on behalf of crypto entities, he suggested that legitimacy could be brought in by companies if they partner with federal institutions.
He opined that the crypto industry is still relatively fresh and everybody, including IRS, is trying to cope with it and understand it.
Fattorusso’s Remarks Contradict IRS Chief’s Statement
Fattorusso has been in charge of the wing on a temporary basis. It may be noted that the Investigation Wing of the IRS is led by its Chairman namely Jim Lee.
Chairman Lee had said in November 2022 that his specialized wing would be going hard at cryptocurrencies as well as crypto companies.
Lee had even warned that his department had already prepared thousands of cases involving cryptocurrencies.
It hence seems absurd why such remarks have been made by a subordinate lower-ranked officer to the Chairman, of IRS Criminal Investigation.
Certainly, Fattorusso’s remarks are in the negation of what the department’s Chairman had suggested in the recent past.
Whether Fattorusso was speaking on behalf of the department or was he just giving his personal thoughts, is a big question mark.