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The Internal Revenue Service (<a href="https://crypto.news/tag/IRS/" target="_blank" rel="noreferrer noopener">IRS</a>) is hiring employees from the crypto industry to improve its expertise in working with digital assets. 
According to a Feb. 28 <a href="https://www.bloomberg.com/news/articles/2024-02-27/irs-hires-former-binance-us-exec-to-beef-up-crypto-expertise" target="_blank" rel="noreferrer noopener">Bloomberg report</a>, the IRS has hired two former cryptocurrency executives. One of them, Sulolit “Raj” Mukherjee, previously worked for the American division of the <a href="https://crypto.news/tag/binance/" target="_blank" rel="noreferrer noopener">Binance</a> crypto exchange, Binance US. His past work experience also includes the crypto firm <a href="https://crypto.news/tag/ConsenSys/" target="_blank" rel="noreferrer noopener">ConsenSys</a>, where he was head of the tax department. 
Another new IRS hire, Seth Wilks, was recently vice president of government affairs and success at TaxBit. Both specialists will help lead the agency’s cryptocurrency compliance and enforcement efforts. However, the exact positions of Mukherjee and Wilks have yet to be revealed by the agency. 
<blockquote class="wp-block-quote"> 
 “Pulling in expertise from the private sector to work with the IRS team is critical to successfully building the agency’s efforts involving digital assets and helping us do it in a way that works well for everyone.” <cite>IRS Commissioner Danny Werfel</cite>
</blockquote> 
 You might also like: <a href="https://crypto.news/us-senators-call-to-implement-strict-tax-reporting-rules-for-crypto/"> US senators call to implement strict tax reporting rules for crypto </a> 
The process of regulating cryptocurrency activities in the US, including in the tax area, is still under development. Many agencies, including the IRS, are proposing more thorough regulation of the digital assets sector. One of the latest IRS initiatives in this area is the new rules on <a href="https://crypto.news/taxes-and-cryptocurrency/" target="_blank" rel="noreferrer noopener">the taxation of cryptocurrencies</a>, which oblige brokers and exchanges to report sales. 
The document <a href="https://crypto.news/us-treasury-and-irs-propose-guidelines-for-crypto-brokers/" target="_blank" rel="noreferrer noopener">was presented</a> jointly with the US Treasury Department last year. Officials expected the new rules to close the tax gap and ensure everyone plays by the same set of rules. Under the proposed regulations, crypto brokers would be treated like more traditional brokers, such as stock brokers. 
However, the document was criticized by representatives of various fields. Thus, Congressman Patrick McHenry <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408956" target="_blank" rel="noreferrer noopener">called</a> on agencies to establish more apparent regulatory requirements. In his opinion, any regulatory requirement must be “narrow, tailored, and clear.”&nbsp; 
 Read more: <a href="https://crypto.news/irs-treasury-temporarily-waive-business-crypto-reporting-requirements/"> IRS, Treasury temporarily waive business crypto reporting requirements </a>

IRS hires ConsenSys, Binance US, and TaxBit executives to strengthen crypto supervision

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