Expect new IRS crypto surveillance to come with a surge in confiscation

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Expect new IRS crypto surveillance to come with a surge in confiscation
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The Justice Department is claiming that it's 'critical' for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off.

The Justice Department is claiming that it's "critical" for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off., a past report might offer a clue for how this information may be used in practice. In short, with the IRS set to keep tabs on Americans’ cryptocurrency usage through an expected 8 billionreturns, it seems the Department of Justice may soon have the tools it wants to start confiscating cryptocurrency at an unprecedented rate.

The DOJ has claimed these updates are necessary because the department’s experience with cryptocurrency-related cases has “revealed limits on the forfeiture tools used to deprive wrongdoers of ill-gotten gains and, in certain cases, restore funds to victims.” The DOJ commended this process for promoting an “efficient allocation of government resources” while discouraging “undue burdens on the federal judicial system.” In fact, this process seems to be the DOJ’s preferred practice given that administrative forfeitures made up 78 percent of its forfeitures between 2000 and 2019.

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