{"id":11064,"date":"2023-11-08T11:19:15","date_gmt":"2023-11-08T11:19:15","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/impact-of-irss-surveillance-plans\/"},"modified":"2023-11-08T11:19:16","modified_gmt":"2023-11-08T11:19:16","slug":"impact-of-irss-surveillance-plans","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11064","title":{"rendered":"Impact of IRS&#8217;s Surveillance Plans"},"content":{"rendered":"<div>\n<figure id=\"attachment_128499\" aria-describedby=\"caption-attachment-128499\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128499\" class=\"wp-caption-text\">Source: AdobeStock \/ Vitalii Vodolazskyi<\/figcaption><\/figure>\n<p>As the <strong>Internal Revenue Service (IRS)<\/strong> moves forward with its plans to enhance surveillance of cryptocurrency transactions, some worry that it might lead to a surge in crypto confiscations.<\/p>\n<p>A 2022 <span data-preserver-spaces=\"true\">report published<\/span> by the <strong>Department of Justice (DOJ)<\/strong> in response to President Biden\u2019s Executive Order 14067 reveals how this information may be utilized, pointing to potential consequences for cryptocurrency holders.<\/p>\n<p>With the IRS poised to monitor Americans\u2019 cryptocurrency usage through an expected 8 billion new returns, the DOJ could soon have unprecedented means to seize cryptocurrencies.<\/p>\n<p>In fact, the commission mentioned the need for an enhanced ability to seize cryptocurrencies.<\/p>\n<p>It claimed that there is a need for forfeiting the proceeds of cryptocurrency fraud and manipulation in order to deter and strip wrongdoers of their illicit gains.<\/p>\n<p>Consequently, the DOJ recommends expanding its authority over criminal, civil, and administrative forfeiture, citing the need for more effective tools to deprive offenders of ill-gotten gains and potentially restore funds to victims.<\/p>\n<p>However, the DOJ\u2019s argument for increased seizure capabilities raises questions, considering the government\u2019s demonstrated ability to seize substantial amounts of cryptocurrency in the past.<\/p>\n<p>The report itself acknowledges that between 2014 and 2022, the FBI seized approximately $427 million in cryptocurrency, while the IRS confiscated another $3.8 billion between 2018 and 2021.<\/p>\n<p>These figures exceed $4 billion, suggesting that the government has been successful in cryptocurrency confiscation.<\/p>\n<h2>IRS\u2019s Proposal to Monitor Crypto Transactions Could Lead to More Seizures<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The IRS\u2019s proposal to monitor cryptocurrency transactions takes on greater significance when considered alongside the DOJ\u2019s report.<\/p>\n<p>The extensive surveillance that the proposal would entail could potentially facilitate an even higher rate of cryptocurrency confiscation.<\/p>\n<p>Specifically, there is some concern regarding the practice of administrative forfeiture, which allows agencies to decide on the forfeiture of property without judicial involvement.<\/p>\n<p>This means that agencies do not have to prove to a judge that a crime has been committed to seize the property.<\/p>\n<p>The DOJ has praised administrative forfeiture as an efficient way to allocate government resources and reduce burdens on the federal judicial system.<\/p>\n<p>From 2000 to 2019, administrative forfeitures accounted for 78% of the DOJ\u2019s total forfeitures.<\/p>\n<p>With the IRS gathering vast amounts of data on Americans\u2019 cryptocurrency usage, there is potential for the DOJ to discover new avenues for cryptocurrency confiscation, even without concrete evidence of a crime.<\/p>\n<p>It is worth noting the US government is one of the largest holders of Bitcoin, which it has amassed through a series of seizures related to criminal activities.<\/p>\n<p>According to data from Glassnode, the US is sitting on a stash of around 210,000 coins, valued at around $5.5 billion.<\/p>\n<p>The figure is quite remarkable, considering that the total supply of bitcoin is capped at 21 million coins.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/cryptocurrency-confiscation-on-the-rise-impact-of-irss-surveillance-plans.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Vitalii Vodolazskyi As the Internal Revenue Service (IRS) moves forward with its plans to enhance surveillance of cryptocurrency transactions,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11064","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Impact of IRS&#039;s Surveillance Plans | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Vitalii Vodolazskyi As the Internal Revenue Service (IRS) moves forward with its plans to enhance surveillance of cryptocurrency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11064\" \/>\n<meta property=\"og:locale\" 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