News out today reports there was a joint tax proposal from the IRS and the United States Department of the Treasury regarding cryptocurrency and taxation. An article about it can be found here: https://bitcoinmagazine.com/markets/us-treasury-and-irs-propose-regulations-on-bitcoin-crypto-transactions-by-brokers
The actual statement from the government can be found here: https://home.treasury.gov/news/press-releases/jy1705
After reading the articles and thinking about this, the general consensus for me is that it is further proof that cryptocurrency is her to stay. It provides further proof that cryptocurrency is becoming more and more mainstream. The IRS talked about how this will require various players involved in cryptocurrency to furnish payee statements, file info returns, and provide dispositions of digital assets for customers regarding some exchange or sale transactions.
It appears this will be set in place to begin reporting in 2026 on 2025 cryptocurrency transactions. Here is a direct link to the federal website outlining the actual (currently unpublished proposed IRS rule regarding cryptocurrency and taxation: https://www.federalregister.gov/public-inspection/2023-17565/gross-proceeds-and-basis-reporting-by-brokers-and-determination-of-amount-realized-and-basis-for
I am not happy about more taxes personally, but we all knew it was coming, the government will not hesitate to take more from people. However, I am excited about the idea of cryptocurrency becoming more and more mainstream, with more and more peopled adopting it. Think about it, if you have invested in cryptocurrency now and in the past 10-years, you are in the early stages. Image if you were so lucky to have invested in the early stages of teh internet with businesses such as Amazon or Google, or even Apple. We are in that ear regarding cryptocurrency now!
On December 21st 2022 I wrote this article: https://www.publish0x.com/twodogscaged/cryptocurrency-is-cardano-cryptocurrencies-version-of-the-do-xpzyzvo here on PUBLISH0X addressing this very issue, specifically identifying Cardano and it's similarities to Amazon early on. I stand by, it, there is too much going on for the good of long term crypto to ignore now!
