According to a report by Bloomberg Law, Division Chief Jim said that the US Internal Revenue Service (IRS) criminal investigation division is pursuing hundreds of crypto-related cases, with many of the cases set to go public soon.

The cases are part of the IRS plan for the upcoming tax season. In addition, the cases involve sectors around “off-ramping” transactions, a situation in which digital assets are exchanged for fiat currencyas well as people who receive cryptocurrencies as payment and do not report.

This report comes after United States District Judge Paul G. Gardephe granted the IRS permission to issue “John Doe” subpoenas at MY Safra Bank to release information about customers who may not have remitted taxes received when performing cryptographic transactions.

IRS Commissioner Charles P. Rettig stated, “The government’s ability to obtain third-party information about individuals who did not report their digital asset income remains an important tool for tax evasion.” Charles added that the John Doe citation is a step in the right direction to ensure that everyone pays their taxes according to what they earn.

Precisely, Gardephe asked SFOX, a full-fledged cryptocurrency distributor providing cryptocurrency services for institutional investors, to produce information about their clients who use MY Safra Bank to make cryptocurrency payments.

The IRS recently created a new category called “Digital Assets” for the different categorizations of assets that are tied to the emerging blockchain industry. The regulator defined digital assets as any representation of value that is recorded in a cryptographically secure distributed ledger or any similar technology.

Under the bill, investors in the US will be able to see if and how they are supposed to report their digital assets, which include crypto currencies and non-fungible tokens (NFTs).

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