IRS Crypto Seizure Practices May Have Fallen Short of Guidelines in Handling Bitcoin Assets, Report Suggests
2025-07-03 17:00:13
Main Idea
The IRS Criminal Investigation division has been criticized for not consistently following guidelines in handling seized cryptocurrency assets, prompting calls for improved training and transparency.
Key Points
1. A US Treasury Inspector General report found IRS-CI personnel did not consistently follow mandated guidelines for cryptocurrency seizures between December 2023 and January 2025.
2. The report recommends comprehensive training for IRS-CI staff to ensure compliance with seizure protocols and improve tracking of seized assets.
3. The IRS's current shortcomings in managing seized cryptocurrencies could undermine national digital asset reserves and operational transparency.
4. As of March 2025, the US government holds approximately 200,000 Bitcoin, valued at over $21 billion, largely from high-profile criminal seizures.
5. The report emphasizes the need for enhanced communication and regulatory frameworks to improve accountability in cryptocurrency seizure practices.
Description
The US Treasury Inspector General has identified critical lapses in the IRS Criminal Investigation division’s management of seized cryptocurrency assets, urging immediate reforms. Between December 2023 and January 2025, the
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