News U.S. Wants to Tighten Crypto Currency Regulations, Explores Own Digital Currency

TJ Hooker

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The US and many other countries came out years ago to say you need to pay tax on crypto. It sounds like this new announcement regarding taxes is just that they want to step up their efforts to collect, as part of a general push to increase IRS enforcement and providing them a bigger budget to do so.
 

mihen

Reputable
Oct 11, 2017
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Right now crypto is treated as a security under US tax law. This is much stricter than treating crypto as cash. Much of the reason for the last bear market in crypto was because of this change during the 2017 tax reform which is set to expire this year. Ending the policy would reincentivize using crypto as a medium for currency exchange. It would also reduce the existing tax liability.
 
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