6/8, 5:30 PM (Source: TeleTrader)
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IRS head asks for authority to regulate cryptos

Commissioner of the Internal Revenue Service (IRS) Charles Rettig called on Congress to grant the tax agency authority to regulate cryptocurrencies. Rettig made the comments on Tuesday while testifying before the Senate Finance Committee.

Earlier, Treasury Secretary Janet Yellen said that the US doesn't have a framework that is "up to the task" of regulating cryptocurrencies as well. However, despite current regulatory uncertainty, investors continue to find cryptocurrencies appealing as the $7.5 billion hedge fund founded by Anthony Scaramucci, SkyBridge Capital, said earlier this week it plans to "stick to" Bitcoin and similar currencies.

Bitcoin was down 6.01% to $31,555 at 11:46 am ET, while the global crypto market cap is currently at $1.44 trillion.

Breaking the News / JC