Dear Investors, An intriguing political trend is unfolding in the United States - Republicans are showing increasing support for cryptocurrencies, while Democrats, including President Biden and Elizabeth Warren, have taken an anti-crypto stance. On the Republican side, notable figures like Ted Cruz and Mayor Suarez advocate for cryptocurrencies and the freedom to have full control over one's funds. In contrast, some progressives, despite their namesake, seem determined to resist progress and keep us confined to outdated practices and beholden to crumbling banks.
At the end of the day, whatever is decided when it comes to crypto loss or gain reporting by federal law, once reporting becomes mandated and done as with any other brokerage account, part of the benefits of Crypto go right out the door. Having to report your holdings to the IRS automatically makes what was an anonymous investment no longer anonymous. The only way crypto currencies succeed is staying out of the system entirely. Once regulatory capture occurs, the government will destroy the very benefits that made Crypto appealing.
At the end of the day, whatever is decided when it comes to crypto loss or gain reporting by federal law, once reporting becomes mandated and done as with any other brokerage account, part of the benefits of Crypto go right out the door. Having to report your holdings to the IRS automatically makes what was an anonymous investment no longer anonymous. The only way crypto currencies succeed is staying out of the system entirely. Once regulatory capture occurs, the government will destroy the very benefits that made Crypto appealing.