In this exclusive interview, we sit down with Charles Rettig, former IRS Commissioner and current advisor at Merkle Science, to discuss his unique perspective on regulatory and compliance matters within the cryptocurrency industry. With a distinguished background in tax and financial investigations, Rettig shares insights on enhancing security, anticipating future trends in crypto regulation, and how Merkle Science can support global compliance efforts. Rettig's expertise highlights the importance of public awareness, evolving regulations, and technological advancements in creating a safer and more compliant cryptocurrency ecosystem.
Having served as the IRS Commissioner from 2018-2022, I’m well aware of the manner by which regulatory and compliance issues can impact private sector businesses. The government has incredible power, but it’s actually run by people who hopefully understand the balance between a certain need for regulation and the benefits of present and future technological enhancements. We live in the greatest country on the planet. To remain competitive, our government must support enhanced and innovative growth within the digital world economy. Growth brings risks and Merkle Science is well positioned to allow us to manage these risks appropriately.
Governments want a system that includes transparency and information reporting. Rates of compliance increase significantly where there is information reporting. It is difficult for the government to achieve high rates of compliance if solely based on examinations and investigations performed by the IRS or a similar tax administrator.
We all want a safer and more compliant cryptocurrency ecosystem. That builds confidence within the public sector and supports further investment and growth. Merkle Science has the ability to prevent fraud and help clients comply with sometimes complex AML, KYC and CFT regulations increasing investor confidence. Merkle Science also has the ability to identify suspicious transactions beyond the blacklists and can respond immediately.
Most surmise that we’re facing a future of ever increasing regulations and suspicions within the investor marketplace. The Merkle Science platform appropriately addresses both of these issues - providing the ability to comply with important regulations as well as provide confidence to the business and investor communities operating within the crypto ecosystem.
International regulations are sometimes viewed as an extension of domestic regulations, and Merkle Science is well-positioned to provide compliance in each sector. The platform is fully aware of the need to continue raising awareness of certain vulnerabilities and available protections within the crypto ecosystem. Continued public awareness and education are crucial. As regulations and compliance requirements evolve, the Merkle Science platform is also evolving to meet and exceed the needs of the community, ensuring it remains adaptable to regulatory changes and technological advancements.
