IRS to fund TRM Labs cross-chain transaction-tracking tool

The U.S. Internal Revenue Service (IRS) will fund the development of a cross-chain transaction-tracking tool by TRM Labs.

Going forward, the agency intends to use the information on inter-network cryptocurrency transfers in criminal investigations.

In a statement, the IRS highlighted the uniqueness of the development called TRM Forensics:

“We are requesting this solution because of its ability to track transactions across multiple networks and the unique methods of visualising cryptocurrencies on different blockchains.”

At the same time, grants may be awarded to other companies developing similar products.

Earlier in June, the IRS sought additional funding of $32 million. The funds will go toward expanding the agency’s capabilities in cryptocurrency tax administration and combating cybercrime.

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