IRS Crypto Crackdown Poised To Go Global

Law360 (May 28, 2021, 12:04 PM EDT) -- The Internal Revenue Service's continued use of information demands to cryptocurrency exchanges in its fight against tax avoidance may soon be entering a new, ambitious era of global reach and cooperation. 

An advertisement for Bitcoin, one of the cryptocurrencies, is displayed on a tram in Hong Kong on May 12. (AP Photo/Kin Cheung) That's because even as the IRS has demonstrated a willingness to repeatedly employ a powerful information-gathering mechanism, the John Doe summons, when contending with American-based exchanges, there are many exchanges based overseas that would perhaps be of interest to the IRS. 

And if the IRS becomes inclined to...

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