Facebook Cryptocurrency Head Hopes to Work With IRS on Rules

July 16, 2019, 7:04 PM

The head of Facebook’s planned digital currency told senators July 16 that the social media giant would talk with the IRS about changes to its regulations for digital currency transactions.

“We would be happy to work with the IRS to make it easier for consumers or reach a de minimis determination for Libra and other digital currencies in order to avoid the burden for consumers,” David Marcus, the head of Calibra, told Sen. Doug Jones (D-Ala.) during a hearing on Facebook’s digital currency initiative.

Marcus heads the digital wallet service Facebook set up to support transactions using the ...

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