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Thread. Looks like the IRS in the USA is getting ready to go after the entire cryptocurrency industry. The bit about them being required to send a form 1099 to all customers is key: it effectively turns attempts to maintain anonymity into tax evasion.https://twitter.com/jchervinsky/status/1421150344051048451 …
Here's the deal with the US infrastructure bill:
A new provision has been added that expands the Tax Code's definition of "broker" to capture nearly everyone in crypto, including non-custodial actors like miners, forcing them all to KYC users.
This is not a drill 
India: banned cryptocurrencies. China: cracked down on non-Party-authorized cc’s. UK banks: banned transfers to most popular cc exchanges. Now the IRS is going after cc dealers/brokers. All we need now is for the EU to go after cryotpcurrencies.
The only thing that's surprising is that it is taking this long to change the tax code.
In which I am petty: I'm glad about this both because of financial justice and because maybe, MAYBE, it will make that one person in every social group stop talking about crypto at parties.
Right there with you. My husband's been wanting a new (reasonably priced) video card for months.
Good. They should go hard after the crypto market. Not only via IRS, but also regulations in general. Force brokers and transaction services to have the same legal requirements as those offering the stock market. Too many people are getting scammed by crypto to leave it alone.
I do not feel bad at all that a large number of these grifters are loosing their tax free money.
I wonder if there’s a way to manage crypto without outright banning? I suppose this IRS step is in that direction. I’m no expert; if you set aside environmental impact of mining (I do not), is the main problem the anonymity?
You left out a bunch of other problems, starting with: it’s an artificial commodity pretending to be a currency, it serves no actual purpose that can’t be delivered more efficiently by other means, it’s deliberately unregulated, and it’s a grifter’s paradise.
Great news!
I like the bit in that thread where he says “This could destroy the whole crypto industry!” Like that would be a bad thing.
The thread is a ride. First it lists all the good (and frankly just common sense) things, and then somehow tries to make the point that that is bad, for five reasons and every reason is more of a "well duh, that's the point" than the other
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